India's forex reserves drop USD 30 mn to USD 594.86 bn

India's forex reserves dropped by USD 30 million to USD 594.858 billion for the week ended August 25, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped by USD 7.273 billion to USD 594.888 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended August 25, the foreign currency assets, a major component of the reserves, decreased by USD 538 million to USD 527.249 billion, according to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up by USD 530 million to USD 44.354 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 11 million to USD 18.194 billion, the apex bank said.

The country's reserve position with the IMF was also down by USD 12 million to USD 5.061 billion in the reporting week, the apex bank data showed.