Gold reserve value also declined drastically
India’s foreign exchange reserves have recorded a huge decline. India’s foreign exchange reserves fell by $ 4.89 billion to $ 685.73 billion in the week ended on 16 May. The Reserve Bank of India (RBI) gave this information on Friday. Let us tell you that a week ago, the country’s foreign exchange reserves increased by $ 4.55 billion to $ 690.62 billion. At the end of September 2024, the foreign exchange reserves reached $ 704.88 billion lifetime high.
How much stores were in the week ended on 2 May and 25 April
Prior to that, the country’s total foreign exchange reserves fell by $ 2.06 billion to $ 686.06 billion in the week ended May 2. A week earlier, the country’s currency reserves increased by $ 1.98 billion to $ 688.13 billion in the week ended on 25 April.
Gold reserve value declined drastically
According to the Reserve Bank of India data, a major part of the foreign exchange reserves increased by $ 27 million to $ 581.65 billion in a week ended on 16 May. Foreign exchange assets mentioned in terms of dollars include the effects of the decrease of non-American currencies such as euros, pounds and yen placed in foreign exchange reserves. In the week ended May 16, the country’s gold reserves i.e. the value of the gold reserve fell by $ 5.12 billion to $ 81.22 billion. Whereas, it had a rapid jump of $ 4.52 billion last week.
The country’s reserved reserves near IMF also reduced
Special Drawing Rights (SDR) declined $ 4.3 million to $ 18.49 billion. According to central bank data, India’s reserved reserves with the International Monetary Fund (IMF) also declined by $ 4.37 billion to $ 4.37 billion.
With PTI inputs
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