Mumbai: India’s foreign exchange reserves declined in the week that ended on July 21. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s forex reserves declined by $1.9 billion to $607.03 billion in the week ended June 21. In the previous week ended July 14, the forex reserves had surged by $12.743 billion to cross the $600 billion mark.
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In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
The foreign currency assets fell $2.41 billion to $537.75 billion. Gold reserves were up by $417 million to $45.61 billion. The special drawing rights (SDRs) declined $11 million to $18.47 billion. The country’s reserve position with the IMF was up by $21 million to $5.2 billion.
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