India's Forex Reserves Dip by USD 3.471 Billion

India's forex reserves fell by USD 3.471 billion to USD 667.386 billion for the week ended July 26, as per RBI data. The decrease was primarily due to declines in foreign currency assets and gold reserves, despite a slight increase in India's reserve position with the IMF.

India's foreign exchange reserves witnessed a significant drop of USD 3.471 billion, falling to USD 667.386 billion for the week ending July 26, as reported by the Reserve Bank of India (RBI) on Friday.

This decline marks a reversal from the previous week, where the reserves had hit an all-time high, climbing by USD 4.003 billion to reach USD 670.857 billion.

Detailed data reveal that the fall in reserves was mainly attributed to a decrease in foreign currency assets, which dropped by USD 1.171 billion to USD 586.877 billion, and a reduction in gold reserves by USD 2.297 billion, bringing them to USD 57.695 billion. Meanwhile, the Special Drawing Rights (SDRs) fell by USD 5 million to USD 18.202 billion, though India's reserve position with the International Monetary Fund (IMF) saw a minor increase of USD 2 million, totaling USD 4.612 billion.

(With inputs from agencies.)