The RBI announced on Friday that India’s foreign exchange reserves for the week ending May 30 had decreased by $1.237 billion to $691.485 billion. At $692.721 billion, the total reserves had increased by $6.992 billion during the previous reporting week. In late September 2024, the foreign exchange reserves reached a record high of $704.885 billion.
Earlier in the day, RBI Governor Sanjay Malhotra stated that the reserves, which total $691.5 billion, are enough to cover about 11 months’ worth of imports of goods and around 96% of the outstanding external debt. The RBI reported that gold reserves rose by $723 million to $84.305 billion during the week.
A key component of the reserves, foreign currency assets, fell $1.952 million to $584.215 billion for the week ending May 30, according to data released Friday. The effect of the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in foreign exchange reserves is included in the expression of foreign currency assets in dollar terms.
As reported by the apex bank, the Special Drawing Rights (SDRs) had decreased by $2 million to $18.569 billion. In the reporting week, India’s reserve position with the IMF decreased by $6 million to $4.395 billion, according to figures from the apex bank.
