India's forex reserves drop by $6 billion to $593.48 billion

Mumbai: India’s foreign exchange reserves dropped by USD 6.052 billion to USD 593.477 billion during the week ended May 19, RBI said on Friday. The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by USD 3.5 billion to take the overall quantum just shy of USD 600 billion. In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended May 19, the foreign currency assets, a major component of the reserves, declined by USD 4.654 billion to USD 524.945 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves dropped by USD 1.227 billion to USD 45.127 billion, the RBI said. The Special Drawing Rights (SDRs) were down by USD 137 million to USD 18.276 billion, the apex bank said. The country’s reserve position with the IMF was down by USD 35 million to USD 5.13 billion in the reporting week, the RBI data showed.
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