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Foreign exchange reserves slip from $11.173 billion to $606.475 billion

In the biggest weekly decline on record, India’s foreign exchange reserves fell by $11.173 billion to $606.475 billion as the currency came under pressure from geopolitical developments, Reserve Bank data shows. of India published on Friday.

For the previous reporting week ended March 25, overall reserves had decreased by $2.03 billion to $617.648 billion.

The sharp decline in reserves was due to a decline in base currency assets, which fell from $10.727 billion to $539.727 billion. Expressed in dollars, foreign currency holdings include the effect of the appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

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Typically, the RBI intervenes in the market to reduce volatility in the currency market by selling from its reserve pool. The Russian invasion of Ukraine caused turmoil in the currency markets. The previous worst weekly decline was $9.6 billion for the week ended March 11.

For the reference week, the value of gold reserves also fell by $507 million to $42.734 billion, according to RBI data. Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $58 million to $18.879 billion, the RBI said. The country’s reserve position with the IMF also increased by $4 million to $5.136 billion in the reporting week, the data showed.

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