Forex Reserves Down By $2.676 Billion To $593.279 Billion

The country's foreign exchange reserves declined by $2.676 billion to stand at $593.279 billion in the week ended May 13, RBI data showed on Friday.

In the previous week, the reserves had declined by $1.774 billion to $595.954 billion.

According to an article 'State of the Economy', published in the RBI's Bulletin for May, foreign exchange reserves at $596 billion as on May 6 were equivalent to about 10 months of imports projected for 2022-2023.

During the reporting week, the fall in the reserves was mainly on account of a drop in foreign currency assets, a major component of the overall reserves, and gold reserves, as per weekly data by the Reserve Bank of India.

FCAs declined by $1.302 billion to $529.554 billion in the week.

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

Gold reserves decreased by $1.169 billion to $40.57 billion.

The special drawing rights with the International Monetary Fund dipped by $165 million to $18.204 billion, RBI said.

The country's reserve position with the IMF decreased by $39 million to $4.951 billion in the reporting week, the data showed.