Forex reserves fall for third straight week – Economy News

Foreign exchange reserves fell $2.4 billion to $637.9 billion in the week ended April 26, data from the Reserve Bank of India (RBI) showed on Friday.

This is the third straight week of decline in forex reserves. Foreign currency assets fell nearly $1.2 billion to $559.7 billion.

Expressed in dollar terms, the foreign currency assets include appreciation and depreciation of non-US units like euro, yen, and pound held in foreign exchange reserves.

Gold reserves fell $1.3 billion to $55.5 billion. Special drawing rights rose $15 million to $18 billion.

Reserve position in the International Monetary Fund rose $8 million to $4.6 billion in the week ended April 26.Last month, the forex kitty had reached an all-time high of $645.6 billion.

Typically, RBI intervenes in the market through liquidity management, including through the selling of dollars, with a view to prevent a steep depreciation in the rupee.