Business News This Week #24 | NFWorld Latest News

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India’s Forex Reserves Witness 2nd Consecutive Weekly Decline

India’s foreign exchange reserves experienced a second consecutive weekly decline, falling by $3.165 billion to reach $603.87 billion for the week ending July 28, according to the Reserve Bank of India (RBI). This comes after a $1.987 billion drop in the previous reporting week, contributing to a dip from the all-time high of $645 billion in October 2021.

Factors Impacting Forex Reserves

The decline in forex reserves can be attributed to the central bank’s efforts to defend the Indian rupee amidst global pressures that have persisted since the past year. The RBI utilized a portion of the reserves to mitigate the impact of external developments on the country’s currency.

Foreign Currency Assets Witness a Decrease

Foreign currency assets, a significant component of India’s forex reserves, witnessed a decline of $2.416 billion to reach $535.337 billion for the reporting week ending July 28. These foreign currency assets encompass the effect of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Gold Reserves and SDRs Also Decline

During the same period, India’s gold reserves experienced a decrease of $710 million, bringing the total to $44.904 billion. Additionally, the Special Drawing Rights (SDRs) declined by $29 million, reaching $18.444 billion.

Country’s Reserve Position with the IMF

India’s reserve position with the International Monetary Fund (IMF) also witnessed a drop of $11 million to stand at $5.185 billion during the reporting week.

Conclusion: Monitoring Forex Reserves

The decline in India’s forex reserves for two consecutive weeks highlights the central bank’s proactive efforts to stabilize the rupee amid ongoing global developments. While the reserves have dropped from their peak in 2021, they continue to play a crucial role in safeguarding the country’s currency and overall economic stability. As the global landscape remains uncertain, monitoring and managing forex reserves will remain a key priority for India’s financial authorities.

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