India’s foreign exchange reserves declined for the second week in a row in May and fell to a one-month low of $589.14 billion as of May 26, according to Reserve Bank of India (RBI) data, up by $4.34 billion from the previous week. has declined. Foreign exchange reserves had declined by $6.05 billion in the week ended May 19, the biggest decline in more than three months.
The central bank intervenes in the spot and futures markets to check rapid movements in the rupee. Includes changes in foreign currency assets expressed in dollar terms and the effect of appreciation or depreciation of other currencies held in RBI’s reserves. Foreign exchange reserves include India’s reserve tranche position with the International Monetary Fund.
October 2021 was at an all-time high level
Explain that in October 2021, India’s foreign exchange reserves were at an all-time high level of $ 645 billion. Meanwhile, India’s foreign exchange reserves stood at $578.4 billion as on March 31, 2023. And at the end of May 26, India’s foreign exchange reserves stood at $589.138 billion. The rupee gained 0.1% in the week ended May 26, trading in a range of 82.5575 to 82.8500. On Friday, the rupee closed at 82.3050 to record its best week in five.
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Gold reserves reduced to $44.902 billion
RBI says that the gold reserves decreased by $ 225 million to $ 44.902 billion. At the same time, the bank said that the Special Drawing Rights (SDR) decreased by $ 84 million to $ 18.192 billion. According to sources, the country’s reserve position with the IMF declined by $170 million to $5.113 billion in the week under review.