File picture for illustration.
| Photo Credit: REUTERS
India’s forex reserves dropped by $5.681 billion to $561.267 billion for the week ended February 17, the RBI mentioned on Friday.
This is the third consecutive week of a drop within the reserves after the $8.319 billion lower within the earlier reporting week to $566.948 billion.
In October 2021, the nation’s forex kitty had reached an all-time excessive of $645 billion. The reserves have been declining because the central financial institution deploys the kitty to defend the rupee amid pressures induced majorly by international developments.
For the week ended February 17, the overseas foreign money belongings, a significant part of the reserves, decreased by $4.515 billion to $496.072 billion, in accordance to the Weekly Statistical Supplement launched by the RBI.
Expressed in greenback phrases, the overseas foreign money belongings embrace the impact of appreciation or depreciation of non-U.S. items just like the euro, pound and yen held within the overseas trade reserves.
Gold reserves decreased for the third week operating and have been $1.045 billion down to $41.817 billion, the RBI mentioned.
The Special Drawing Rights (SDRs) have been additionally down by $87 million to $18.267 billion, the apex financial institution mentioned.
The nation’s reserve place with the IMF was down by $34 million to $5.111 billion within the reporting week, the apex financial institution knowledge confirmed.
