Lagatar24 Desk
New Delhi, May 21: The Reserve Bank of India (RBI) said on Friday that India’s foreign exchange reserves fell by $2.676 billion to $593.279 billion in the week ending May 13.
The reserves had dropped by $1.774 billion to $595.954 billion the previous week.
Foreign exchange reserves of $596 billion as of May 6 were comparable to nearly 10 months of imports predicted for 2022-23, according to an article in the RBI’s Bulletin for May titled “State of the Economy.”
According to RBI’s weekly data, the reduction in reserves was mostly due to a drop in foreign currency assets (FCA), a major component of overall reserves, and gold reserves during the reporting week.
FCAs fell $1.302 billion last week to $529.554 billion.
The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.
The value of gold reserves fell by $1.169 billion to $40.57 billion.
SDRs with the International Monetary Fund (IMF) fell by $165 million to $18.204 billion, according to the RBI.
According to the data, the country’s reserve position with the IMF fell by $39 million to $4.951 billion in the reporting week.
