India News | India's Forex Reserves Decline USD 4.9 Billion to USD 593.90 Billion

Mumbai, Sep 15 (PTI) India's forex reserves dropped by USD 4.992 billion to USD 593.904 billion for the week ended September 8, the Reserve Bank of India said on Friday.

In the previous reporting week, the kitty had jumped USD 4.039 billion to USD 598.897 billion.

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The country's forex kitty had reached an all-time high of USD 645 billion in October 2021. 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 8, the foreign currency assets, a major component of the reserves, decreased by USD 4.265 billion to USD 526.426 billion, according to the Weekly Statistical Supplement released by the RBI.

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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 down by USD 554 million to USD 44.384 billion, the RBI said.

The special drawing rights were down by USD 134 million to USD 18.06 billion, the apex bank said.

The country's reserve position with the IMF was also down by USD 39 million to USD 5.034 billion in the reporting week, the apex bank data showed.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)