India's Forex Reserves Witness Significant Decline

India's forex reserves fell by USD 2.922 billion to USD 652.895 billion for the week ended June 14, after reaching an all-time high the previous week. The decline was driven by decreases in foreign currency assets and gold reserves, while the IMF reserve position saw a slight uptick.

India's forex reserves saw a notable decrease of USD 2.922 billion, settling at USD 652.895 billion for the week ending June 14, according to the Reserve Bank of India (RBI).

This decline comes after a peak the previous week, where reserves surged by USD 4.307 billion to a historic high of USD 655.817 billion after continuous weeks of increases.

Data revealed that foreign currency assets, the largest segment of the reserves, dropped by USD 2.097 billion to USD 574.24 billion, influenced by the appreciation or depreciation of non-US currencies like the euro, pound, and yen within the reserves.

Gold reserves also reduced by USD 1.015 billion to USD 55.967 billion, while Special Drawing Rights (SDRs) fell by USD 54 million to USD 18.107 billion.

However, India's position with the International Monetary Fund (IMF) improved, rising by USD 245 million to USD 4.581 billion during the week.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)