India's forex reserves fall by $4.8 Billion, RBI reports

India's foreign exchange reserves dropped by $4.8 billion to $670.119 billion in the week ending 9 August, the Reserve Bank of India (RBI) reported on Friday.

 

This decline follows a significant increase in the previous week, when reserves surged by $7.533 billion, reaching a record high of $674.919 billion.

 

The central bank's data revealed that foreign currency assets, which make up a substantial portion of the reserves, fell by $4.079 billion to $587.96 billion during the week. These assets are expressed in US dollar terms and reflect the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.

 

Gold reserves also saw a decline, decreasing by $860 million to $59.239 billion, according to the RBI.

 

However, Special Drawing Rights (SDRs) rose by $121 million to $18.282 billion during the week.

 

Additionally, India's reserve position with the International Monetary Fund (IMF) increased by $18 million, bringing it to $4.638 billion for the reporting week, as per the central bank's data.