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Forex Reserves Plummet Over $8 Billion
22 May
Summary
- India's foreign exchange reserves dropped by $8.09 billion.
- Foreign currency assets and gold reserves decreased significantly.
- Despite the fall, reserves remain higher than last year.
India's foreign exchange reserves experienced a substantial decrease of $8.09 billion in the week concluding May 15, settling at $688.89 billion. The largest component, foreign currency assets, saw a reduction of $6.48 billion, while gold reserves also declined by $1.54 billion. Special Drawing Rights and India's reserve position with the IMF also recorded minor decreases.
In rupee terms, the total reserves dropped by Rs 24,874 crore. Despite this weekly contraction, the country's foreign exchange reserves stand higher on a year-on-year basis. Gold reserves, in particular, showed a notable increase compared to the previous year, although foreign currency assets were down.
