Mumbai: India’s forex reserves dropped USD 5.654 billion to USD 666.933 billion during the week ended June 26, the RBI said Friday.
In the previous reporting week, the kitty jumped USD 963 million to USD 672.587 billion.
The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year before the onset of the West Asia conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
Prime Minister Narendra Modi has also made multiple public appeals, starting May 11, to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.
For the week ended June 26, foreign currency assets, a major component of the reserves, decreased USD 150 million to USD 541.067 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
Value of gold reserves declined USD 5.394 billion to USD 102.536 billion during the week, the RBI said.
The special drawing rights (SDRs) were down by USD 89 million at USD 18.558 billion, the apex bank said.
India’s reserve position with the IMF was also down USD 21 million to USD 4.772 billion at the end of the reporting week, according to the apex bank’s data.