India News | India's Forex Reserves Drop USD 3.79 Bn to USD 586.91 Bn

Mumbai, Oct 6 (PTI) India's forex reserves dropped further by USD 3.794 billion to USD 586.908 billion for the week ended September 29, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had declined by USD 2.335 billion to USD 590.702 billion as of September 22.

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It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended September 29, the foreign currency assets, a major component of the reserves, decreased by USD 3.127 billion to USD 520.236 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 576 million to USD 43.731 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 74 million to USD 17.939 billion, the apex bank said.

The country's reserve position with the IMF was also down by USD 18 million to USD 5.002 billion in the reporting week, the central 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)