The Reserve Bank of India announced on Friday that India’s foreign exchange reserves fell by $1.318 billion in the week ending June 9 to $593.749 billion.
Overall reserves increased by $5.93 billion last week to $595.067 billion.
It is worth noting that in October 2021, the country’s foreign exchange rate reached an all-time high of $645 billion. Foreign exchange reserves are declining, mainly as the central bank pumps money to protect the rupee amid pressure from global affairs.
Foreign currency assets, a key component of reserves, fell by $1.128 billion to $525.073 billion in the week ending June 9, according to the RBI’s weekly supplemental statistics released on Friday.
Foreign currency assets expressed in dollar terms include the impact of appreciation or depreciation of non-U.S. denominations such as euros, pounds and yen held in foreign exchange reserves.
Gold reserves fell by $183 million to $45.374 billion, according to the RBI.
Special Drawing Rights rose $2 million to $18.187 billion, according to Apex Bank.
The country’s reserve position with the IMF fell by $8 million to $5.115 billion in the reporting week, according to data from Apex Bank.
