Forex reserves decreased by USD 2.676 billion to USD 593.279 billion

The country’s foreign exchange reserves fell by USD 2.676 billion to USD 593.279 billion in the week ended May 13, RBI data showed on Friday.
In the previous week, reserves decreased by USD 1.774 billion to USD 595.954 billion.

According to an article in the RBI’s Bulletin for the State of the Economy for May, the foreign exchange reserves as of May 6 are approximately USD 596 billion, equivalent to approximately 10 months of imports for 2022-23.

According to the Reserve Bank of India (RBI) weekly data, during the reporting week, the fall in reserves was mainly due to foreign exchange reserves (FCA), a major component of the overall reserves and the decline in gold reserves. .

FCAs lost USD 1.302 billion to USD 529.554 billion during the week.

In dollar terms, foreign exchange assets include the effects of the devaluation of non-US units, such as the euro, the pound, and the yen, which reside in foreign exchange reserves.

Gold reserves decreased by USD 1.169 billion to USD 40.57 billion.

Special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased from USD 165 million to USD 18.204 billion, the RBI said.
The country’s reserve position with the IMF fell by 39 39 million to USD 4.951 billion in the reporting week, the data shows.

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