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India’s forex reserves dropped by $7.794 billion to $690.693 billion during the week ended May 1, the RBI said on Friday.
In the previous reporting week ended April 24, the overall reserves had declined by USD 4.82 billion to $698.487 billion.
The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the beginning of the Middle East conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
For the week ended May 1, foreign currency assets, a major component of the reserves, decreased by $2.797 billion to $551.825 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of gold reserves decreased by $5.021 billion to $115.216 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up $15 million to $18.789 billion, the apex bank said.
India’s reserve position with the IMF was also up by $8 million to $4.863 billion at the end of the reporting week, according to the apex bank’s data.
In the previous reporting week ended April 24, the overall reserves had declined by USD 4.82 billion to $698.487 billion.
The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the beginning of the Middle East conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
For the week ended May 1, foreign currency assets, a major component of the reserves, decreased by $2.797 billion to $551.825 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of gold reserves decreased by $5.021 billion to $115.216 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up $15 million to $18.789 billion, the apex bank said.
India’s reserve position with the IMF was also up by $8 million to $4.863 billion at the end of the reporting week, according to the apex bank’s data.
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