India’s forex reserves decline $1.71 bn to $651.99 bn, shows RBI data | Economy & Policy News

India’s forex reserves dropped $1.713 billion to $651.997 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall kitty had dropped $2.922 billion to $652.895 billion. The reserves had touched an all-time high of $655.817 billion as on June 7 this year.

For the week ended June 28, foreign currency assets, a major component of the reserves, decreased $1.252 billion to $572.881 billion, the data released on Friday showed.

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 were down $427 million to $56.528 billion during the week,” the RBI said.

“The special drawing rights (SDRs) declined $35 million to $18.014 billion,” the central bank said.

“India’s reserve position with the IMF was up USD 1 million to USD 4.573 billion in the reporting week,” the data added.

First Published: Jul 05 2024 | 6:21 PM IS