India’s Forex reserves drop USD 2.9 billion to USD 593.19 billion

India's forex reserves dropped USD 2.901 billion to USD 593.198 billion in the week ended June 23

Mumbai: India’s forex reserves dropped USD 2.901 billion to USD 593.198 billion in the week ended June 23, the Reserve Bank said on Friday.

The overall reserves increased by USD 2.35 billion to USD 596 in the previous reporting week.
It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

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For the week ended June 23, the foreign currency assets, a major component of the reserves, decreased by USD 2.212 billion to USD 525.44 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves dropped USD 745 million to USD 44.304 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 85 million to USD 18.334 billion, the apex bank said.

The country’s reserve position with the IMF was down by USD 29 million to USD 5.12 billion in the reporting week, the apex bank data showed.