India’s forex reserves dip by $4.8 billion to $670.11 billion in a week
India’s foreign exchange reserves saw a significant drop of $4.8 billion, settling at $670.119 billion for the week ending August 9, as reported by the Reserve Bank of India (RBI) on Friday.
This decline comes after the previous week witnessed a sharp increase of $7.533 billion, pushing the reserves to a record high of $674.919 billion.
According to the RBI’s data, foreign currency assets—the largest component of the reserves—fell by $4.079 billion to $587.96 billion. These assets are valued in dollar terms and include the effects of fluctuations in the value of non-US currencies such as the euro, pound, and yen.
Additionally, the gold reserves decreased by $860 million, bringing the total to $59.239 billion.
In contrast, the Special Drawing Rights (SDRs) saw an increase of $121 million, reaching $18.282 billion, while India’s reserve position with the International Monetary Fund (IMF) improved by $18 million, totaling $4.638 billion for the week.
