The Reserve Bank reported Friday that India’s foreign exchange reserves declined USD 867 million to USD 593.037 billion in the week ended September 15. Reserves decreased 4.99 billion to 593.90 billion last week. US reserves peaked at $645 billion in October 2021.
Since last year, the central bank depleted its reserves to protect the rupee from global pressures. The RBI’s Weekly Statistical Supplement revealed foreign currency assets, a major component of reserves, dropped by USD 511 million to USD 525.915 billion for the week ended September 15.
The appreciation or depreciation of non-US currencies like the euro, pound, and yen in foreign exchange reserves are foreign currency assets. The RBI reported a USD 384 million drop in gold reserves to USD 44 billion. The top bank reported a USD 32 million increase in SDRs to USD 18.092 billion. The nation’s IMF reserve fell by USD 4 million to USD 5.03 billion in the reporting week.
Conclusion:-
In the week ending September 15, India’s foreign exchange reserves fell by USD 867 million to USD 593.037 billion due to the central bank’s use of cash to defend the rupee against global developments since last year. Last week, reserves fell 4.99 billion to 593.90 billion. Foreign currency assets, which include non-US currency appreciation or depreciation, fell significantly at the Reserve Bank of India. Special Drawing Rights rose USD 32 million to USD 18.092 billion, while gold reserves fell USD 384 million to USD 44 billion. The nation’s IMF reserve fell by USD 4 million to USD 5.03 billion.
