Forex reserves fall sharply by $5.89 bn to $617.3 bn: RBI
In the week before that, the reserves increased $4.471 bn to $620.441. In October 2021, the forex kitty had reached an all-time high of $645 billion.
Representative Image
NEW DELHI: Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday.
So far this fiscal, the reserves have surged $55.72 billion, as per the RBI. In the previous reporting week ended December 29, the reserves rose $2.759 bn to $623.2 bn, the highest so far this fiscal. In the week before that, the reserves increased $4.471 bn to $620.441. In October 2021, the forex kitty had reached an all-time high of $645 billion.
The reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last year. In October 2021, the forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last year. Foreign currency assets - the single-largest component of the reserves - declined $4.96 billion to $546.65 billion. Gold reserves also declined $839 million to $47.48 billion during the reporting week, while the Special Drawing Rights were down $67 million to $18.29 billion, the RBI said. Gold reserves also declined $839 million to $47.48 billion during the reporting week.
BlurbThe reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last yearBlurbHCCB India CEO said this transfer “ensures the right level of investments can be undertaken in all parts of the business for scale, continuity”