India forex reserves drop to $637.92 bn in third consecutive week of decline

India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on 26 April, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had declined USD 2.28 billion to USD 640.33 billion. For the week ended 5 April, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of increases.

The earlier high of USD 642.453 billion achieved in September 2021 was surpassed in March this year. For the week ended 26 April, the foreign currency assets — a major component of the reserves — decreased USD 1.159 billion to USD 559.701 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. Gold reserves decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 15 million to USD 18.048 billion, the apex bank said. India's reserve position with the IMF (Indian Monetary Fund) was also up USD 8 million to USD 4.639 billion in the reporting week, the apex bank data showed.