India's Forex Reserve Slips By Massive $11.17 Bn To $606.475 Bn, Steepest Weekly Fall Ever

The Reserve Bank of India (RBI) in a data released earlier on Friday said the currency came under pressure due to geopolitical developments.

(Representative Image/ Getty)

New Delhi: The country’s forex reserves slid by USD 11.173 billion to USD 606.475 billion in the steepest weekly fall ever.

The Reserve Bank of India (RBI) in a data released earlier on Friday said the currency came under pressure due to geopolitical developments.

The overall reserves had for the previous reporting week, which ended on March 25, slid by USD 2.03 billion to USD 617.648 billion, PTI reported

The decline in the core currency assets, which fell by USD 10.727 billion to USD 539.727 billion, is said be the reason behind the steep fall in the reserves.

The foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The RBI normally intervenes in the market to reduce volatility in the currency market by selling from its reserves kitty.

Besides, the Russian invasion of Ukraine has led to troubles in the currency markets as the previous worst weekly fall was of USD 9.6 billion for the week which ended on March 11.

As per the RBI data, the gold reserves value too decreased by USD 507 million to USD 42.734 billion for the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF), as per the country’s apex bank, increased by USD 58 million to USD 18.879 billion.

The RBI data also informed that the nation’s reserve position with the IMF also increased by USD 4 million to USD 5.136 billion in the reporting week.