Forex reserves fall $2 billion – Economy News

Foreign exchange reserves fell $2 billion to $646.7 billion in the week ended May 24, latest data from the Reserve Bank of India (RBI) showed on Friday.

Forex reserves had expanded $4.5 billion to an all-time high of $648.7 billion in the week ended May 17.

According to the weekly statistical supplement by RBI, foreign currency assets fell $1.5 billion to $567.5 billion. Gold reserves fell $482 million to nearly $57 billion. Special drawing rights fell $33 million to $18.1 billion.

Reserve position in the international monetary fund fell $1 million to $4.3 billion.

“The rupee traded weak by 0.11rs, closing at 83.43. With the significant local event of the general election declaration on Tuesday, the rupee’s volatility has remained range-bound and stable due to the RBI’s efforts,” Jateen Trivedi, V-P, research analyst – commodity and currency, LKP Securities, said.

“The absence of speculation has kept the rupee trading within a broad range of 83.00-83.55,” he added.