Decline in core currency assets see forex reserves drop by $1.4 bn

Decline in core currency assets see forex reserves drop
Amid depreciation in the domestic currency, foreign reserve of the country have fallen for the second consecutive week, slipping down to USD 291.80 billion from USD 293.17 billion, a net fall of USD 1.37 billion.

In the last week, the forex reserves of the country had shrunk by $2.19 billion to $293.17 billion in the previous reporting week.

As per the statistics issued by the Reserve Bank of India (RBI), foreign currency assets, a major constituent of forex reserves, dwindled by $1.33 billion to $257.86 billion for the week ended May 11.

Besides, the gold reserve remained unchanged at USD 26.61 billion, RBI said.

Meanwhile, during the same week, the special drawing rights (SDRs) declined by USD 25.6 million to USD 4.434 billion, while the country's reserve position with the IMF also slip by USD 16.7 million to USD 2.889 billion, the RBI data indicated.

Dion Global Solutions Ltd

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