India's Forex Reserves Take a Dip

India's forex reserves fell by USD 1.01 billion to USD 697.93 billion for the week ending June 20. The decrease was noted across various components, including foreign currency assets, gold reserves, SDRs, and India's IMF reserve position, according to RBI data.

India's foreign exchange reserves recorded a decrease of USD 1.01 billion, falling to USD 697.93 billion for the week concluding on June 20, data from the Reserve Bank of India revealed on Friday.

In comparison, the prior week saw a significant increase of USD 2.29 billion, bringing the reserves to USD 698.95 billion. Notably, in September 2024, the reserves reached a record peak of USD 704.885 billion.

The breakdown for the week indicates a USD 357 million reduction in foreign currency assets to USD 589.06 billion. Additionally, gold reserves decreased by USD 573 million, hitting USD 85.74 billion, while SDRs dropped by USD 85 million to USD 18.672 billion. India's reserve position with the IMF saw a marginal decline of USD 1 million, settling at USD 4.45 billion.