India's foreign exchange reserves fell by $2.54 billion to $636 billion; Know what are the updates

India's foreign exchange reserves dropped by $2.54 billion to $635.721 billion in the week to February 14, ending the upward trend in the last three weeks. This is the RBI mentioned in the latest report. Last week under observation, the reserves rose by $7.654 billion to $638.261 billion.

In September 2024, the forex reserve also reached an all-time high at US$704.885 billion. The forex reserve declined because the RBI entered the forex market to suppress the volatility in the rupee.

Foreign currency assets, the majority of the forex reserves, declined by $ 4.515 billion to $ 539.591 billion in the period up to February 14, figures released last Friday stated. Foreign currency assets in terms of the American currency are the effect of appreciation and/or depreciation in the worth of the units other than the American currency, such as the euro, pound, and yen, in the forex reserves.

However, gold reserves rose by $ 1.942 billion to $ 74.15 billion during the week, the RBI said. Special drawing rights (SDRs) rose by $ 19 million to $ 17.897 billion. According to the data, India's reserve position with the IMF increased by $ 14 million to $ 4.083 billion in the week under review.