Foreign Exchange Reserves Drop By USD 3.4 Bn: RBI
Date
11/4/2024 4:29:56 AM
(MENAFN- KNN India)
New Delhi, Nov 4 (KNN)
India's foreign exchange reserves witnessed a significant decline of USD3.463 billion, settling at USD 684.805 billion for the week ending October 25, according to the latest data released by the Reserve bank of India (RBI).
This movement marks a notable shift in the country's foreign exchange holdings.
The decrease was primarily driven by a substantial reduction in foreign currency assets, which constitute the largest component of the reserves.
These assets fell by USD 4.484 billion, reaching USD 593.751 billion during the reporting period.
However, the decline was partially offset by a positive movement in gold reserves, which saw an increase of USD 1.082 billion to reach USD 68.527 billion.
Other components of the reserves also experienced downward movements.
The Special Drawing Rights (SDRs) decreased by USD 52 million to USD 18.219 billion, while India's reserve position with the International Monetary Fund (IMF) saw a marginal reduction of USD 9 million, settling at USD 4.307 billion for the week under review.
(KNN Bureau)
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