India’s forex reserves fell $7.273 billion to $594.888 billion in August 2023 from a record $645 billion in October 2021. Foreign currency assets fell $6.613 billion to $527.786 billion. Special Drawing Rights and gold reserves dropped.
Reserve Bank India’s newest statistics data shows India’s forex kitty fell by $7.273 billion to $594.888 billion in the week ending August 18, 2023. In the previous reporting week, reserves rose USD 708 million to USD 602.161 billion.
The country’s foreign currency reserves peaked at $645 billion in October 2021. The central bank utilized its reserves to preserve the currency under global challenges since last year.
The RBI’s Weekly Statistical Supplement indicated foreign currency assets, a key component of reserves, declined by USD 6.613 billion to USD 527.786 billion for the week ended August 18.
Dollar foreign exchange reserves include the appreciation or depreciation of non-US currencies like the euro, pound, and yen.
The top bank announced a USD 515 million reduction in gold reserves to USD 43.824 billion and USD 119 million in SDRs to USD 18.205 billion.
The IMF reported a USD 25 million drop in the country’s reserve position to USD 5.072 billion in the reporting week.
Conclusion:-
Reserve Bank India’s newest statistics data shows India’s forex kitty fell by $7.273 billion to $594.888 billion in the week ending August 18, 2023. The country’s foreign currency reserves peaked at $645 billion in October 2021. The RBI reported a drop in foreign currency assets, including non-US units rose or fell. SDRs fell by USD 119 million to USD 18.205 billion, while gold reserves fell by USD 515 million to USD 43.824 billion. The reporting week saw a USD 25 million drop in the country’s IMF reserve position to USD 5.072 billion.
