India's forex reserve dropped by almost $2 billion to $607.035 billion for the week ended July 21, the Reserve Bank has said.The reserve saw the biggest rise in recent times of $609.022 billion in the previous reporting week. In those seven days, the reserve had increased by $12.743 billion.According to the Weekly Statistical Supplement released by the RBI last Friday for the same week ending July 21, the foreign currency assets decreased by $2.414 billion to $537.752 billion. It forms a major component of the Forex Reserves.
The foreign currency assets include the effect of appreciation or depreciation of other currencies like the euro, pound and yen held in the foreign exchange reserves. It is expressed in dollar terms. India's Forex reserve kitty reached an all-time high of $645 billion in October of 2021. The kitty was later deployed to save the rupee from depreciation caused by influencing international developments.
However, India's reserve position with the IMF was at $5.196 billion, up by $21 million for the same reporting week ending on July 21.
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