India’s forex reserves slip for second week, down $1.18 billion: RBI data

India’s forex kitty declined by $1.183 billion to $695.489 billion during the week ended July 18, the RBI said on Friday.In the previous reporting week, the overall kitty had dropped by $3.064 billion to $696.672 billion. The reserves had touched an all-time high of $704.885 billion at the end of September 2024.For the week ended July 18, foreign currency assets, a major component of the reserves, slipped by $1.201 billion to $587.609 billion, the data released on Friday showed.Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.However, the gold reserves increased by $150 million to $84.499 billion during the week, the RBI said.The Special Drawing Rights (SDRs) were down by $119 million to $18.683 billion, the apex bank said.India’s reserve position with the IMF declined by $13 million to $4.698 billion in the reporting week, the RBI data showed.Also Read: India steps up push for FTAs with EU and US, says Commerce Ministry

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