MUMBAI, July 3: India’s foreign exchange reserves fell by $5.654 billion to $666.933 billion during the week ended June 26, the Reserve Bank of India (RBI) reported on Friday.
In the previous reporting week, the reserves had increased by $963 million to $672.587 billion. The reserves reached an all-time high of $728.494 billion during the week ended February 27, prior to the onset of the West Asia conflict. Subsequent pressure on the rupee prompted the RBI to intervene in the foreign exchange market through dollar sales, leading to several weeks of declines.
Prime Minister Narendra Modi has also issued multiple public appeals since May 11 urging citizens to help conserve foreign exchange by reducing foreign travel, limiting fuel consumption, and refraining from gold purchases for a year.
For the week ended June 26, foreign currency assets (FCA)—a major component of the reserves—decreased by $150 million to $541.067 billion, according to central bank data. Expressed in dollar terms, the FCA reflects the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.
The value of gold reserves dropped by $5.394 billion to $102.536 billion during the week, the RBI said. Special Drawing Rights (SDRs) fell by $89 million to $18.558 billion, while India’s reserve position with the International Monetary Fund (IMF) declined by $21 million to $4.772 billion at the end of the reporting week. (PTI)
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