Mumbai (Maharashtra) [India], September 10 (ANI): India’s international change (foreign exchange) reserves slumped by $7.941 billion to $553.105 billion for the week ended September 2, the bottom degree in nearly two years, the Reserve Bank of India (RBI) knowledge confirmed.
This is the fifth weekly fall within the nation’s foreign exchange reserves. The foreign exchange reserves had dipped by $3.007 billion for the week ended August 26 and by $6.687 billion within the earlier week.
The nation’s international change reserves have declined sharply in current months because the RBI continues to intervene within the forex markets to defend the rupee.
As per the Reserve Bank of India’s weekly statistical complement, international forex property, that are the most important part of the foreign exchange reserves, dropped by $6.527 billion to $492.117 billion in the course of the week ended September 2. The international forex property had declined by $2.571 billion and $5.779 billion within the earlier two weeks respectively.
Expressed in US dollar phrases, the international forex property embody the impact of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held within the international change reserves.
All parts of the foreign exchange reserves declined in the course of the week beneath evaluation. The worth of gold reserves dipped by $1.339 billion to $38.303 billion in the course of the week ended September 2.
The worth of India’s Special Drawing Rights (SDRs) with the International Monetary Fund declined by $50 million to $17.782 billion in the course of the week beneath evaluation, the RBI knowledge confirmed.
India’s reserve place within the International Monetary Fund (IMF) declined by $24 million to $4.902 billion in the course of the week ended September 2, as per the RBI Weekly Statistical Supplement. (ANI)