Foreign exchange reserves fall $6.68 billion to two-year low

By ANI

MUMBAI: India’s foreign exchange (forex) reserves fell by $6.687 billion to $564.053 billion for the week ended August 19, the lowest level in more than two years, due to a strong decline in foreign currency assets as the RBI continues to intervene in the currency markets to defend the rupee.

According to the Reserve Bank of India’s weekly statistical supplement, foreign currency assets, which constitute the largest component of foreign exchange reserves, fell from $5.779 billion to $501.216 billion in the week ending August 19. .

This is the third weekly drop in the country’s foreign exchange reserves. Foreign exchange reserves had fallen by $2.238 billion in the week ending August 12. India’s foreign currency holdings had shrunk by $2.652 billion to $506.994 billion in the week ending August 12.

Expressed in US dollars, foreign currency assets include the effect of the appreciation or depreciation of non-dollar currencies such as the euro, British pound sterling and Japanese yen held in foreign exchange reserves.

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For the week ended August 19, all components of the country’s foreign exchange reserves declined. The value of gold reserves fell from $704 million to $39.914 billion during the week under review.

The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund fell by $146 million to $17.987 billion during the week under review, according to RBI data.

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India’s reserve position at the International Monetary Fund (IMF) decreased by $58 million to $4.936 billion in the week ended August 19, according to the RBI Weekly Statistical Supplement.

MUMBAI: India’s foreign exchange (forex) reserves fell by $6.687 billion to $564.053 billion for the week ended August 19, the lowest level in more than two years, due to a strong decline in foreign currency assets as the RBI continues to intervene in the currency markets to defend the rupee. According to the Reserve Bank of India’s weekly statistical supplement, foreign currency assets, which constitute the largest component of foreign exchange reserves, fell by $5.779 billion to $501.216 billion in the week ending 19 august. This is the third weekly drop in the country’s foreign exchange reserves. . Foreign exchange reserves had fallen by $2.238 billion in the week ended August 12. India’s foreign currency holdings had shrunk by $2.652 billion to $506.994 billion in the week ended August 12. Expressed in US dollars, foreign currency assets include the effect of the appreciation or depreciation of currencies other than the dollar, such as the euro, the British pound sterling and the Japanese yen held in foreign exchange reserves. READ ALSO | India is expected to grow around 7.4% in FY23, continue at the same rate next year: FM For the week ended August 19, all components of the country’s foreign exchange reserves declined. The value of gold reserves fell from $704 million to $39.914 billion during the week under review. The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund fell by $146 million to $17.987 billion during the week under review, according to RBI data. READ ALSO | Inflation and Rising Rates Won’t Eliminate Indian Inc: Report India’s reserve position at the International Monetary Fund (IMF) fell by $58 million to $4.936 billion in the week ended on Aug. 19, according to the RBI Weekly Statistical Supplement.