India Tribune Times

Reserves of foreign currency decline by USD 6 billion to USD 593.48 billion

The RBI said on Friday that India's foreign currency reserves decreased by USD 6.052 billion to USD 593.477 billion for the week ending May 19.

A decrease in the kitty has ended two weeks of growth. The total reserves climbed by USD 3.5 billion over the previous reporting week, bringing the total amount to slightly under USD 600 billion.

The nation's foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to protect the rupee against pressures mostly brought on by international events.

According to the Weekly Statistical Supplement provided by the RBI on Friday, the foreign currency assets, a significant part of the reserves, decreased by USD 4.654 billion to USD 524.945 billion for the week ending May 19.

The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.

According to the RBI, gold reserves decreased by USD 1.227 billion to USD 45.127 billion.

According to the top bank, the Special Drawing Rights (SDRs) decreased by USD 137 million to USD 18.276 billion.

According to the RBI statistics, the nation's reserve position with the IMF decreased by USD 35 million to USD 5.13 billion during the reporting week.

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