India Flash Bulletin

India’s foreign exchange reserves fell by $3.1 billion to $603.9 billion in the most recent forex report

<p>According to the most recent RBI statistics, India’s foreign exchange reserves decreased $3.165 billion to $603.87 billion for the week ending July 28. Following the $1.987 billion dip to $607.035 billion in the previous reporting week, this is the second week in a row that the reserves have decreased.<img decoding=”async” class=”alignnone wp-image-113420″ src=”” alt=”” width=”1330″ height=”745″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1330px) 100vw, 1330px” /></p>
<p>The nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves were depleted as the central bank utilized its funds to protect the rupee against pressures mostly brought on by global events since last year.</p>
<p>According to the Weekly Statistical Supplement published by the RBI, the foreign currency assets, a significant part of the reserves, declined by USD 2.416 billion to USD 535.337 billion for the week ending July 28. The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.</p>
<p>According to the RBI, gold reserves decreased by USD 710 million to USD 44.904 billion. According to the top bank, the Special Drawing Rights (SDRs) decreased by USD 29 million to USD 18.444 billion.</p>
<p>According to statistics from the apex bank, the nation’s reserve position with the IMF decreased by USD 11 million to USD 5.185 billion in the reporting week.</p>
<p>The demand for safe-haven dollars and increased crude oil prices, along with the rupee’s decline of 7 paisa to a more than two-month low versus the US dollar on Friday, weighed on the currency.</p>
<p>“The rupee is expected to remain in the range of 82.60 to 82.95 in the upcoming week as $ bullish sentiments continue, while we expect RBI to protect the upside of USD INR not going beyond 82.95,” said Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP. Stop loss for this position is set at 82.98.</p>

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