OPEN APP
Home / Economy / India's forex reserves fall $1.774 billion to $ 595.954 billion, 9th weekly fall
Listen to this article

India's foreign exchange (forex) reserves dropped by $1.77 billion to $595.95 billion for the week ended May 6 dragged by a sharp drop in the country's foreign currency assets, the Reserve Bank of India (RBI) data showed.

In the previous reporting week, the overall reserves had declined by USD 2.695 billion to USD 597.728 billion, falling below the USD 600 billion mark.

At a time when the currency is under pressure due to heavy outflow by foreign investors, RBI is reportedly intervening across all markets to defend the currency. The foreign exchange reserves declined by USD 28.05 billion in the six months to March 2022.

This is the ninth weekly drop in the country's foreign exchange reserves. During the week ended April 29, the forex reserves had dipped by $ 2.695 billion to $597.728. This is the lowest level of India's forex reserves in a year. India's forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021.

During the reporting week, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per RBI's weekly data.

FCA dropped by USD 1.968 billion to USD 530.855 billion in the week ended May 6.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by USD 135 million to USD 41.739 billion in the reporting week, the data showed.

India's reserve position in the International Monetary Fund (IMF) dropped by $11 million to $4.990 billion during the week ended May 6.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout