Indias Foreign Exchange reserves, which had been steadily increasing over the past few weeks, experienced a decline of $6.1 billion in the week ending on May 19, 2023. This pullback comes after three consecutive weekly increases and affects all components of the reserves, withforeign currency assets (FCA)being impacted the most, according to the latest data from the Reserve Bank Of India (RBI).
Indias total forex reserves reached $593.48 billion during the week ending on May 19, 2023, representing a decrease of $6.052 billion from the previous week. In the previous week, reserves had increased by $3.553 billion, bringing them close to the $600 billion mark at $599.53 billion. Before that, the reserves had surged by $7.196 billion. Notably, in the first week of May, reserves had jumped by $4.532 billion.