Mumbai: India’s forex reserves dropped by USD 5.401 billion to USD 643.162 billion for the week ended April 12, the Reserve Bank said on Friday.
The overall reserves increased by USD USD 2.88 billion to a new high of USD 648.562 billion in the previous reporting week.
It can be noted that in September 2021, the country’s forex kitty reached an all-time high of USD 642.453 billion, which was breached in March this year.
The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global events, but there had been a steady accretion over the past few months.
For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by USD 6.513 billion to USD 564.653 billion, the data released on Friday showed.
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 continued their rise and increased by USD 1.241 billion to USD 55.798 billion during the week, the RBI said.
The special drawing rights (SDRs) were down USD 93 million to USD 18.077 billion, the apex bank said.
India’s reserve position with the IMF was also down by USD 35 million to USD 4.634 billion in the reporting week, the central bank data showed.
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