India's forex reserves decline for third consecutive week

May 05, 2024 09:36

India's foreign exchange reserves declined for the third week, after having risen for the seventh straight week to hit an all-time high of $648.562 billion.

As per the latest data released by the Reserve Bank of India, the country's foreign exchange kitty declined by $2.412 billion to $637.922 billion in the April 26 week.

India's foreign currency assets, the biggest component of the forex reserves, declined by $1.159 billion to $559.701 billion, the central bank's weekly statistical data showed.

Gold reserves during the week declined by $1.275 billion to $55.533 billion.

India's foreign exchange reserves, which had reached an all-time high are sufficient to cover 11 months of projected imports, according to the monthly economic review report of the department of economic affairs under the ministry of finance, released recently.

In the calendar year 2023, the RBI added about $58 billion to its foreign exchange kitty.

In 2022, India's forex kitty slumped by $71 billion cumulatively. -- ANI

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