Foreign exchange reserves slips on back of dollar selling by RBI

Foreign exchange reserves slips on back of dollar selling
Consequent to the constant fall in the domestic currency, the foreign exchange reserves plunged to USD 285.86 billion for the week ended June 1 as against USD 288.26 during the previous week, stated the weekly statistical supplement released by Reserve Bank of India (RBI).

As per the data, the reserves were down for the fourth consecutive week. It was down by over USD 2.402 billion.

The decline was probably due to the dollar selling by the apex bank to prop up the rupee, which resulted from the fall in international gold prices during the period.

Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation/depreciation of other currencies held in its reserves, the RBI said.

As of June 1, the foreign currency assets slipped to USD 253,094 million from USD 254,406 million.

Read more about: rbi, dollar
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