Mumbai: India’s foreign exchange reserves dropped by $2.2 billion to $584.2 billion for the week ended April 21, the RBI said on Friday. Reserves had gone up by a total of nearly $8 billion in the prior two weeks. The forex kitty had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments. The RBI intervenes in the spot and forwards markets to prevent runaway moves in the rupee.
For the week ended April 21, the foreign currency assets, a major component of the reserves, decreased by nearly $2.2 billion to $514.5 billion, according to an RBI release. Gold reserves dropped by $24 million to $46.2 billion, the RBI said. agencies
The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments. The RBI intervenes in the spot and forwards markets to prevent runaway moves in the rupee.
For the week ended April 21, the foreign currency assets, a major component of the reserves, decreased by nearly $2.2 billion to $514.5 billion, according to an RBI release. Gold reserves dropped by $24 million to $46.2 billion, the RBI said. agencies
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