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Home News India’s Forex Reserves Decline by $4.8B to $670.11B

India’s Forex Reserves Decline by $4.8B to $670.11B

by Barbara

India’s foreign exchange reserves decreased by $4.8 billion to $670.119 billion for the week ending August 9, according to the latest data from the Reserve Bank of India (RBI). This follows a previous week when reserves had surged by $7.533 billion to a record high of $674.919 billion.

For the week ending August 9, foreign currency assets, a key component of the reserves, fell by $4.079 billion to $587.96 billion. These assets reflect changes in the value of currencies other than the US dollar, such as the euro, pound, and yen.

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Gold reserves also saw a decline, dropping by $860 million to $59.239 billion. Meanwhile, special drawing rights (SDRs) increased by $121 million to $18.282 billion.

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India’s reserve position with the International Monetary Fund (IMF) rose by $18 million to $4.638 billion during the same period.

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Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry, commented on the data:

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“Despite global economic challenges and geopolitical uncertainties, India’s strong performance, supported by strategic policies and a cautious monetary approach, has maintained forex reserves at $670 billion as of August 9, 2024.”

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He added, “This positions India for higher economic growth, enhances its global standing, attracts foreign investments, and strengthens domestic trade and industry.”

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Agrawal also noted that the substantial reserves give the RBI increased flexibility in managing currency and monetary policy.

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