The Reserve Bank of India (RBI) has released data on India’s foreign exchange reserves for the week ended May 24, 2024. This week, India’s foreign exchange reserves fell by $2.027 billion to $646.673 billion.
The RBI said on Friday that India’s foreign exchange reserves fell by $2.027 billion to $646.673 billion in the week ended May 24. At the same time, the exchange reserves had reached an all-time high of $648.7 billion after a jump of $4.549 billion last week.
Foreign exchange assets fell by $1.51 billion to $567.499 billion in the week ended May 24. Foreign exchange assets expressed in dollar terms also include the impact of appreciation or depreciation of non-US units such as euro, pound, and yen held in foreign exchange reserves.
Decline In Gold Storage
This caused gold reserves to fall by $482 million to $56.713 billion, and Special Drawing Rights (SDR) fell by $33 million to $18.135 billion. During this period, India’s reserve position with the IMF fell by $1 million to $4.326 billion.
