For April ending quarter, the country’s foreign exchange reserves tumbled by $2.1 billion to reach $584.2 billion, according to the latest data released by the Reserve Bank of India. The drop in aggregate reserves was because of a decline in foreign currency assets by almost the same amount as reserves. In the previous reporting week, the overall reserves had risen by $1.657 billion to $586.412 billion.

It can be observed that in October 2021, the country’s forex reserves had reached an all-time high of $645 billion. The reserves have been on the verge of declining as the central bank arranged the kitty to preserve the rupee amid pressures caused majorly by worldwide developments.

For the week ended April 21, 2023, the foreign currency assets, a chief component of the reserves declined by $2.146 billion to $514.489 billion, according to the Weekly Statistical Supplement showed by the Central Bank.

Expressed in dollars, the foreign currency assets comprise the result of appreciation or depreciation of non-US units like the pound, euro, and yen held in the foreign exchange reserves.

Gold reserves tumbled by Rs 24 million to Rs 46.151 billion, the Reserve Bank of India said.