Mumbai: India’s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12. he Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves surged for seventh week in a row previously. In the previous week, forex reserves touched an all-time high of $648.562 billion.
India’s foreign exchange reserves increased $2.98 billion to $648.562 billion for the week ended April 5. In the previous reporting week, the forex kitty had increased by $2.951 billion to $645.583 billion, which was an all-time high. The forex kitty had increased $140 million to $642.631 billion in the week ended on March 22.The country’s forex kitty had in October 2021 reached an all-time high of $642.453 billion.
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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 April 12, the foreign currency assets decreased by $6.513 billion to $564.653 billion. Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion. India’s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week.
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