India's Forex Reserves Drop for Third Consecutive Week
By Rediff Money Desk, Mumbai May 03, 2024 17:23
India's forex reserves fell by USD 2.412 billion to USD 637.922 billion in the week ended April 26, marking the third consecutive weekly decline. The decline was attributed to a decrease in foreign currency assets and gold reserves.
![India's Forex Reserves Drop for Third Consecutive Week](https://im.rediff.com/money/2021/jul/09dollar.jpg)
Mumbai, May 3 (PTI) India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the overall reserves had declined USD 2.28 billion to USD 640.33 billion.
For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of increases.
The earlier high of USD 642.453 billion achieved in September 2021 got surpassed in March this year.
For the week ended April 26, the foreign currency assets -- a major component of the reserves -- decreased USD 1.159 billion to USD 559.701 billion, the data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up USD 15 million to USD 18.048 billion, the apex bank said.
India's reserve position with the IMF was also up USD 8 million to USD 4.639 billion in the reporting week, the apex bank data showed.
In the previous reporting week, the overall reserves had declined USD 2.28 billion to USD 640.33 billion.
For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of increases.
The earlier high of USD 642.453 billion achieved in September 2021 got surpassed in March this year.
For the week ended April 26, the foreign currency assets -- a major component of the reserves -- decreased USD 1.159 billion to USD 559.701 billion, the data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up USD 15 million to USD 18.048 billion, the apex bank said.
India's reserve position with the IMF was also up USD 8 million to USD 4.639 billion in the reporting week, the apex bank data showed.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...