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April 14, 2024 1:08 am

Forex reserves drop USD 325 mn to USD 561 billion

Mumbai, March 3

India’s foreign exchange reserves dropped USD 325 million to USD 560.942 billion as of February 24, according to the Reserve Bank of India’s latest data.

In the previous reporting week, the overall reserves had declined from USD 5.68 billion to USD 561.267 billion.

Foreign exchange reserves declined by USD 5.681 billion to USD 561.267 billion in the week ending on February 17. This is a third consecutive week of decline in overall forex reserves.

The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments.The foreign currency assets, the biggest component of the forex reserves, fell by USD 166 million to USD 495.90 billion.

It had dropped USD 4.51 billion in the previous week. The value of gold reserves declined by USD 66 million to USD 41.75 billion.

(ANI)

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