India's forex reserves drop by $462 million to $590.3 billion: RBI Data
RBI) showed on Friday, November 17. In the previous reporting week, the overall reserves had increased by $4.672 billion to $590.783 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended November 10, the foreign currency assets, a major component of the reserves, increased by $108 million to $522.004 billion, according to the Weekly Statistical Supplement released by the RBI. 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 were down by $608 million to $45.515 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $36 million to $18.011 billion, said the central bank. India's reserve position with the IMF (International Monetary Fund) was up by $3 million to $4.791 billion in the reporting week, the data showed.
Also Read: Rupee likely to stay rangebound amid lack of fresh triggers; unable to exploit lower dollar, treasury yields, oil prices On Friday, the rupee slipped by 2 paise to 83.25 against the US dollar as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and weak domestic equity markets restricted the rupee movement and the local currency edged lower by 2 paise to 83.25 in early trade.
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