India’s foreign exchange reserves fell by $4.339 billion to $589.138 billion in the week ended May 26
Published Date – 11:40 PM, Fri – 2 June 23
Mumbai: India’s foreign exchange reserves fell for a second straight week by $4.339 billion to $589.138 billion in the week ended May 26, the Reserve Bank of India said on Friday.
Reserves fell $6.052 billion to $593.477 billion in the last reporting week.
It can be noted that in October 2021, the country’s foreign exchange kitty has reached an all-time high of 645 billion US dollars. Reserves have been falling as the central bank deploys kittens to defend the rupee amid pressure largely caused by global developments.
Foreign currency assets, the main component of reserves, fell by $4.014 billion to $520.931 billion in the week ended May 26, according to the RBI’s weekly statistical supplement released on Friday.
Denominated in U.S. dollars, foreign currency assets include the impact of appreciation or depreciation of non-U.S. units such as the euro, pound sterling, and yen held in foreign exchange reserves.
Gold reserves fell by $225 million to $44.902 billion, the Reserve Bank of India said.
Special drawing rights (SDR) fell by $84 million to $18.192 billion, the top bank said.
The country’s reserve position with the International Monetary Fund fell by $17 million to $5.113 billion during the reporting week, top bank data showed.
