New Delhi: India’s foreign exchange (forex) reserves dipped by $2.695 billion to $597.728 billion for the week that ended on April 29.
It appears that the Reserve Bank of India (RBI) is selling dollars to prevent a slide in the value of the rupee amid the ongoing Russia-Ukraine conflict and other geopolitical uncertainties, Siasat reported.
On the other hand, the rupee reached a level of Rs 76.93 per dollar. It is near to all-time low of Rs 76.97 per dollar which was recorded in March.
As per the RBI’s weekly statistical supplement, all components of the forex reserves declined during the week under review.
This is the eighth straight week of fall in the country’s forex reserves. India’s forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021.
India’s foreign currency assets, which are the biggest component of the forex reserves, dipped by $1.110 billion to $532.823 billion during the week ended April 29, the report said.
The value of gold reserves fell by $1.164 billion to $41.604 billion. The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell by $0.362 billion to $18.299 billion.