BackIndia's forex reserves decline by $1.494 bn to reach $575.267 bn
India's foreign exchange reserves dropped by USD 1.494 billion to reach USD 575.267 billion as of February 3, snapping a three-week rising trend, RBI data showed on Friday
PremiumThe Reserve Bank of India (RBI) data released on on Friday showed that India's foreign exchange reserves declined by USD 1.494 billion, reaching a total of USD 575.267 billion as of 3 February. This marks an end to the three-week upward trend, as the reserves had increased by USD 3.03 billion in the previous reporting period, totalling USD 576.76 billion.
In October 2021, India's foreign exchange reserves hit an unprecedented high of $645 billion. However, as the central bank uses the reserves to support the rupee in response to global impacts, the reserves have been declining.
The Weekly Statistical Supplement from the Reserve Bank of India (RBI) revealed that for the week ending 3 February, the foreign currency assets, which are a major part of the reserves, decreased by $1.323 billion to reach $507.695 billion.
The foreign currency assets expressed in dollar terms take into account the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the foreign exchange reserves.
The RBI also reported that after a period of consecutive increases, the gold reserves declined by $246 million to reach $43.781 billion.
The Special Drawing Rights (SDRs) rose by $66 million to reach $18.544 billion, while the country's reserve position with the International Monetary Fund (IMF) increased by $9 million to $5.247 billion during the reporting week, according to data from the RBI.
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