In its latest report, the Reserve Bank of India said that India’s foreign exchange reserves witnessed a decline of USD 2.922 billion to reach USD 652.895 billion as of June 14. The previous week had seen a significant increase, with reserves soaring from USD 4.307 billion to a record high of USD 655.817 billion. This recent decrease follows several weeks of consecutive growth in the country’s reserves, the RBI stated.
Specifically, foreign currency assets, a pivotal component of the reserves, decreased by USD 2.097 billion to USD 574.24 billion during the same period, as indicated by the data released 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 decreased by USD 1.015 billion to USD 55.967 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by USD 54 million to USD 18.107 billion, the apex bank said. India’s reserve position with the IMF was up by USD 245 million to USD 4.581 billion in the reporting week, the apex bank data showed.
India’s forex reserves for the week ended June 7
It is pertinent to mention here that India’s forex reserves had jumped USD 4.307 billion to a new all-time high of USD 655.817 billion for the week ended June 7. The kitty had jumped USD 4.837 billion to USD 651.51 billion in the previous reporting week.
The previous high for the kitty — a crucial guard against any disturbances in the external sector — was USD 648.87 billion on May 10. In the past few weeks, the reserves have witnessed handsome jumps. For the week ended June 7, foreign currency assets, a major component of the reserves, increased by USD 3.773 billion to USD 576.337 billion, as per the RBI data.
(With PTI inputs)
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