RBI data showed on Friday that India’s foreign exchange reserves dropped by USD 1.494 billion to reach USD 575.267 billion as of 3 February 2023.

According to the Weekly Statistical Supplement released by the RBI, foreign currency assets, a major component of the reserves, decreased by USD 1.323 billion to USD 507.695 billion. 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.

In the previous reporting week, the overall reserves had jumped by USD 3.03 billion to USD 576.76 billion.

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RBI said after rising for multiple weeks, gold reserves decreased by USD 246 million to USD 43.781 billion.

According to RBI data, the Special Drawing Rights (SDRs) rose by $66 million to reach $18.544 billion, while the country’s reserve position with the International Monetary Fund (IMF) increased by $9 million to $5.247 billion during the reporting week.

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In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

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