India’s Forex Reserves Witness a Minor Dip, Now at $594.86 Billion: What’s Behind the Numbers?

During the week prior to the current reporting period, the total reserves had decreased by $7.273 billion, reaching a level of $594.888 billion.

Mumbai:

India’s foreign exchange reserves decreased by $30 million to $594.858 billion for the week ending on August 25, as reported by the Reserve Bank on Friday. In the preceding reporting week, the total reserves had declined by $7.273 billion to $594.888 billion.

It is worth noting that in October 2021, India’s foreign exchange reserves had reached a historic high of $645 billion. However, the reserves have faced a reduction as the central bank utilized them to safeguard the rupee, primarily in response to global challenges that have arisen since last year.

According to the Weekly Statistical Supplement released by the RBI, for the week ending on August 25, the foreign currency assets, a significant component of the reserves, decreased by $538 million to $527.249 billion. When expressed in terms of the US dollar, the foreign currency assets account for the impact of the rise or fall in the value of non-US currencies such as the euro, pound, and yen held within the foreign exchange reserves.

The RBI reported that gold reserves increased by $530 million, reaching $44.354 billion.

The Special Drawing Rights (SDRs) decreased by $11 million, totaling $18.194 billion, as stated by the central bank.

In the same reporting week, the country’s reserve position with the IMF also decreased by $12 million, coming to $5.061 billion, according to data from the apex bank.

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