India's Forex Reserves: A Dip of $2.92 Billion, Now at $652.8 Billion
India's foreign exchange reserves witnessed a decline of $2.92 billion, reaching $652.8 billion as of June 14, according to the Reserve Bank of India's latest report.
Forex ReservesReserve Bank Of IndiaRbiForeign Currency AssetsGold ReservesSpecial Drawing RightsImfInternational Monetary FundReal Estate MumbaiJun 22, 2024
The primary component of the reserves, foreign currency assets, decreased by $2.097 billion to $574.24 billion, according to the RBI's data released on Friday. It is essential to note that the foreign currency assets include the effects of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
Gold reserves also saw a decline, dropping by $1.015 billion to $55.967 billion during the week. The Special Drawing Rights (SDRs) decreased by $54 million to $18.107 billion.
However, India's reserve position with the International Monetary Fund (IMF) saw an increase of $245 million to $4.581 billion in the reporting week.
The RBI's report highlights the fluctuations in India's forex reserves, which are an essential indicator of the country's economic health. The reserves play a crucial role in maintaining the stability of the Indian rupee and providing a cushion against any external shocks.
The Reserve Bank of India (RBI) is the central banking authority of India, responsible for regulating the country's monetary policy and maintaining the stability of the financial system.
The International Monetary Fund (IMF) is an international organization that aims to promote global monetary cooperation, exchange rate stability, and economic growth.
Frequently Asked Questions
What was the decline in India's forex reserves for the week ended June 14?
$2.922 billion
What was the value of India's forex reserves as of June 14?
$652.895 billion
What is the primary component of India's forex reserves?
Foreign currency assets
What was the change in gold reserves during the week?
A decline of $1.015 billion
What is the significance of India's forex reserves?
They play a crucial role in maintaining the stability of the Indian rupee and providing a cushion against external shocks.
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