India's forex reserves dipped by USD 1.318 billion to USD 593.749 billion for the week ended June 9, the Reserve Bank of India said on Friday...
Digital Desk: India's forex reserves dipped by USD 1.318 billion to USD 593.749 billion for the week ended June 9, the Reserve Bank of India said on Friday.
Overall reserves climbed by USD 5.93 billion to USD 595.067 billion for the prior reporting week.
It should be mentioned that the country's forex kitty hit an all-time high of USD 645 billion in October 2021. The reserves have been dwindling as the central bank uses the funds to safeguard the rupee against pressures induced primarily by global developments.
According to the Weekly Statistical Supplement released by the RBI on Friday, foreign currency assets, a major component of reserves, fell by USD 1.128 billion to USD 525.073 billion for the week ending June 9.
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Foreign currency assets, expressed in dollar terms, comprise the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.
The Reserve Bank of India stated that gold reserves fell by USD 183 million to USD 45.374 billion.
The Special Drawing Rights (SDRs) increased by USD 2 million to USD 18.187 billion, the central bank said.
The country's reserve position with the IMF fell by USD 8 million to USD 5.115 billion in the reporting week, according to apex bank data.
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