India’s forex reserves slide to $600.42 billion; seventh straight weekly fall

Representational image. AFP

Mumbai: India’s foreign exchange (forex) reserves dipped by $3.27 billion to $600.42 billion for the week ended 22 April, registering the seventh straight week of fall, as the Reserve Bank of India (RBI) appears to keep selling dollars to prevent a slide in the value of rupee amid the ongoing Russia-Ukraine conflict.

According to the RBI’s weekly statistical supplement, India’s forex reserves slumped by $3.271 billion to $600.423 billion for the week ended 22 April. The forex reserves had declined by $311 million in the previous week.

This is the seventh straight week of fall in the country’s forex reserves. India’s forex reserves have fallen sharply after touching an all-time high of $642.453 billion on 3 September, 2021.

All components of the forex reserves declined during the week under review.

India’s foreign currency assets, which are the biggest component of the forex reserves, dipped by $2.835 billion to $533.933 billion during the week ended 22 April.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.

The value of gold reserves fell by $377 million to $42.768 billion during the week under review. The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell by $33 million to $18.662 billion.

India’s reserve position in the IMF dropped by $26 million to $5.060 billion during the week ended April 22, the RBI data showed.

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