New Delhi: The Reserve Bank of India (RBI) on Friday said that India’s foreign exchange reserves increased by $1.853 billion to $595.051 billion in the week ended June 30.
Total reserves fell by $2.901 billion to $593.198 billion in the previous reporting week
The country’s foreign exchange reserves reached an all-time high of $645 billion in October 2021. As the apex body of banks is mainly using funds to protect the rupee amid pressure due to global developments, the reserves are getting depleted.
Foreign currency assets, the major component of reserves, increased by $2.539 billion to $527.979 billion during the week ended June 30, according to the weekly statistical supplement released by the RBI.
The RBI further said that gold reserves decreased by $472 million to $43.832 billion. According to the apex bank, Special Drawing Rights (SDRs) saw a decline of $95 million and stood at $18.239 billion.
RBI data showed that India’s reserve position with the IMF declined by $118 million to $5.002 billion in the week under review.
Foreign exchange expressed in dollar terms includes the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.