India’s forex reserves fell by $2 billion, reaches $584.248 billion for week ending Apr 21

India’s international alternate reserves fell by $2.164 billion to $584.248 billion for the week ending April 21, in line with knowledge launched by the Reserve Bank of India (RBI) on Friday.

In the earlier reporting week, the general kitty had risen by $1.657 billion to $586.412 billion. Incidentally in October 2021, the nation’s forex reserves had reached an all-time excessive of $645 billion.

In the interval underneath assessment, the reserves fell primarily because of international foreign money belongings (FCAs) shrinking by $2.146 billion to $514.489 billion.

The forex reserves have been declining because the RBI has used the funds to defend the rupee amid pressures brought on primarily by international developments.

(With inputs from IANS)