Mumbai: Foreign exchange reserves or forex reserves of India declined for the week ended May 2. According to the Weekly Statistical Supplement released by the Reserve Bank of India, the forex reserves dropped $2.065 billion to $686.064 billion. In the previous reporting week, the overall kitty had increased $1.983 billion to $688.129 billion.
Earlier in the week ended on April 18, he forex reserves rose by $8.31 billion to $686.145 billion. The forex reserves had jumped by $1.567 billion to $677.835 billion in the previous reporting week ended April 11. The overall forex kitty witnessed an increase of $10.872 billion, reaching $676.268 billion in the previous reporting week ended April 4. India’s foreign exchange reserves touched 5-month high dollars in the week ending March 28. India’s foreign exchange reserves rose by $305 million to $654.27 billion in the week ended March 14. In the previous week, reserves had surged by $15.27 billion. This was the largest weekly jump since August 2021. The forex reserves had dropped by $2.54 billion to $635.721 billion in the week ended on February 14.The forex reserves jumped $7.654 billion to $638.261 billion in the week ended February 7. In the previous week ended on January 31, the reserves had increased by $1.05 billion to $630.607 billion. In the previous reporting week ended January 24, the reserves increased $5.574 billion to $629.557 billion.
The forex reserves had increased to an all-time high of $704.885 billion in end-September. Foreign exchange reserves have declined by almost $80 billion since reaching an all-time high of $705 billion for the week ended September 27.
Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
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.
For the week ended May 2, foreign currency assets, increased $514 million to $581.177 billion. Gold reserves decreased $2.545 million to U$81.82 billion during the week. The special drawing rights were down $30 million to $18.558 billion. India’s reserve position with the IMF was also down $3 million at $4.509 billion in the reporting week, the apex bank data showed.
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