Foreign Exchange Reserves Dipped By $ 2.078 Billion to $ 505.56 Billion

Mumbai : Country’s foreign exchange reserves declined by $ 2.078 billion to $ 505.56 billion from it’s all-time high during the last week ended on June 19. This information has been given in the data of the Reserve Bank of India. According to the Reserve Bank, foreign exchange reserves have declined for the first time since April 24. At that time, the foreign currency assets had decreased by $ 113 million to $ 479.455 billion.

The country’s foreign exchange reserves increased by $ 28.189 billion between April 24 and June 12. Earlier, in the week ending June 12, the country’s foreign exchange reserves had increased by $ 5.942 billion to touch a record high of $ 507.644 billion. For the first time in the week ending June 5, the country’s foreign exchange reserves crossed the $ 500 billion level when it increased strongly to $ 8.223 billion to $ 501.703 billion.

The decline in foreign currency reserves in the week ended June 19 is due to the decline in foreign currency assets, considered a significant part of the total reserves. According to Reserve Bank data, foreign currency assets declined by $ 1.698 billion to $ 467.039 billion in the week under review. Gold reserves fell by $ 358 million to $ 32.815 billion in the week under review. Reserve Bank data showed that the special drawing rights in the International Monetary Fund decreased by $ 6 million to $ 1.447 billion in the week under review, while the country’s reserves in the IMF decreased by $ 16 million to $ 4.264 billion.