India’s forex reserves fall over 2 bln USD

India’s foreign exchange reserves fell over 2.16 billion to 584.25 billion U.S. dollars during the week ended April 21, showed the latest data released by the Reserve Bank of India (RBI).

The forex reserves had increased by nearly 8 billion dollars over the preceding two weeks, and had reached 586.41 billion U.S. dollars during the week ended April 14.

The foreign currency assets, a major component of the forex reserves, also declined by 2.14 billion to 514.49 billion U.S. dollars, according to the RBI’s Weekly Statistical Supplement.

It can be noted that in October 2021, the country’s forex reserves had reached an all-time high of 645 billion U.S. dollars. The forex reserves have been declining as the RBI deployed the kitty to defend the Indian Rupee amid pressures caused majorly by global developments, said an online media report by Mint. ■

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