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India's Forex Reserves Fall $2.92 Billion To $652.9 Billion
(24-Jun-2024, 07:59 Hours IST)
After hitting all-time high levels following continuous gains, India?s foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI).

This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

The decrease in forex reserves was primarily driven by a reduction in foreign currency assets, which are a major component of the reserves. These assets fell by $2.097 billion, bringing the total to $574.24 billion.

Gold reserves also saw a decrease, dropping by $1.015 billion to $55.967 billion during the week. Meanwhile, the special drawing rights (SDRs) were down by $54 million, amounting to $18.107 billion. In contrast, India?s reserve position with the International Monetary Fund (IMF) increased by $245 million, reaching $4.581 billion.

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