Agencies / May 4, 2024, 03:03 IST
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India’s foreign exchange reserves decreased by $2.4 billion to $637.9 billion as of April 26, marking the third consecutive weekly decline in reserves, as reported by the RBI on Friday. During the previous reporting week, the total reserves had decreased by $2.3 billion to $640.3 billion. Reserves reached a record high of $648.6 billion by the week ending April 5 after increasing for several weeks.
MUMBAI: India’s
forex reserves
dropped $2.4 billion to $637.9 billion as on
April 26
, the third consecutive
weekly decline
in reserves,
RBI
said on Friday. In the previous reporting week, overall reserves had declined $2.3 billion to $640.3 billion.
For the week ended April 5, reserves had hit an all-time high of $648.6 billion following multiple weeks of increases.
The earlier high of $642.5 billion achieved in Sept 2021 got surpassed in March this year.
For the week ended April 26, foreign currency assets — a major component of the reserves — decreased $1.2 billion to $559.7 billion, the data showed. Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like euro, pound and yen held in the foreign exchange reserves. Gold reserves decreased $1.3 billion to $55.5 billion during the week, RBI said. The special drawing rights were up $15 million to $18 billion, RBI said.
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