• Source:JND

Forex Reserve Latest Update: The Reserve Bank of India (RBI) said on Friday that India's foreign reserves declined by US$8.094 billion to US$688.894 billion in the week ended May 15. Previously, total reserves had increased by US$6.295 billion to US$696.988 billion in the week ended May 8.

The Gold Reserve declined as well.

Forex Kitty Hit an All-Time High In February

This amount had reached an all-time high of US$728.494 billion in the week ending February 27 this year, before fighting broke out in the Middle East, which led to a decline for several weeks as the rupee came under pressure and the RBI was forced to intervene in the forex market by selling dollars.

Prime Minister Narendra Modi has also made several public appeals to the country since May 11 to reduce foreign travel, reduce fuel consumption, and abstain from buying gold for a year.

Central Bank data showed that foreign currency assets, which form a major part of the reserves, declined by US$6.483 billion to US$545.904 billion in the week ending May 15.

When expressed in dollars, foreign currency assets include the impact of appreciation or depreciation of non-U.S. units held in foreign currency reserves, such as the euro, pound, and yen.

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Gold Reserve Decline

Meanwhile, the RBI said gold reserves also declined by US$1.536 billion to US$119.317 billion during the week. The apex bank said Special Drawing Rights (SDRs) declined by US$49 million to US$18.824 billion.

According to the apex bank data, India's reserve position with the International Monetary Fund also declined by US$25 million to US$4.85 billion at the end of the reporting week.

(With Inputs From PTI)


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