India’s foreign exchange reserves decrease by $4.9 billion, to $593.90 billion.

According to a report released on Friday by the Reserve Bank of India, India’s foreign exchange holdings decreased by USD 4.992 billion to USD 593.904 billion for the week ending September 8. The pot had increased by USD 4.039 billion to USD 598.897 billion over the previous reporting week.

The nation’s foreign exchange reserves hit a record high of USD 645 billion in October 2021. The reserves were depleted as the central bank used them to defend the rupee against pressure brought on mostly by happenings on the international stage since last year.

According to the RBI’s Weekly Statistical Supplement for the week ending September 8, the foreign currency assets, a significant part of the reserves, declined by USD 4.265 billion to USD 526.426 billion.

As a result of rising crude oil prices and the US dollar’s strength against the majority of its international rivals, the rupee lost 12 paise on Friday to end the day at 83.15 (provisional).

The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased by 0.19 percent to 105.20. The international oil benchmark, Brent crude futures, increased 0.28 percent to USD 93.96 a barrel.

The RBI said that gold reserves were decreased by USD 554 million to USD 44.384 billion. The special drawing rights fell by USD 134 million to USD 18.06 billion, according to the top bank. In the reporting week, the nation’s reserve position with the IMF decreased by USD 39 million to USD 5.034 billion, according to data from the apex bank.

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