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Forex reserves fall $2.33 bn to $590.70 bn

Source: PTI
September 29, 2023 18:53 IST
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The country's foreign exchange reserves declined further by $2.33 billion to $590.70 billion for the week ended September 22, the Reserve Bank said on Friday.


Photograph: Kham/Reuters

In the previous reporting week, the overall reserves dropped by $867 million to $593.04 billion.

It can be noted that in October 2021, the country's foreign exchange kitty reached an all-time high of $645 billion.


The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended September 22, the foreign currency assets, a major component of the reserves, decreased by $2.55 billion to $523.36 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).

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 were up by $307 million to $44.31 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by $79 million to $18.01 billion.

The country's reserve position with the IMF also declined by $11 million to $5.02 billion in the reporting week, the apex bank data showed.

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