India continues to record a decline in foreign exchange (forex) reserves for the seventh consecutive week. The latest data from RBI shows
India continues to record a decline in foreign exchange (forex) reserves for the seventh consecutive week. The latest data from RBI shows that the country’s forex reserves dip by $3.27 billion to $600.42 billion for the week ended April 22.
All components in India’s forex reserves witnessed a fall in the week ending April 22.
Compared to the previous week, the forex reserves dropped by $311 million.
India’s forex reserves have slumped for the seventh straight week. The reserves were at an all-time high of $642.453 billion on September 3, 2021.
In the week ending April 22, 2022, the data further states that India’s foreign currency assets slipped by $2.84 billion to $533.93 billion.
Further, gold reserves shed by $377 million to $42.77 billion, while SDRs stood at $18.66 billion down by $33 million by end of the week under review.
Meanwhile, Reserve Position in the IMF stood at $5.06 billion in the week ending April 22, down by $26 million.
www.livemint.com