Mumbai : India’s forex re serves dropped by $ 329 mil lion to $ 578.5 billion for the week ended March 31 , on de cline in gold reserves , the RBI said on Friday .
The forex kitty had risen handsomely in the previous two reporting weeks , and rose by nearly $ 6 billion to $ 578.8 billion for the week ended March 24 .
For FY23 , the overall kitty has dropped by $ 28.9 billion .
It can be noted that in October 2021 , the country’s forex kitty had reached an all – time high of $ 645 billion .
The reserves have been declining as the central bank de ploys the kitty to defend the rupee amid pressures caused majorly by global developments .
For the week ended March 31 , the foreign currency as sets , a major component of the reserves , decreased by $ 36 million to $ 509.7 billion , ac cording to the Weekly Statistic call Supplement released by the Reserve Bank of India ( RBI ) on Friday .
Expressed in dollar terms , the foreign currency assets in include the effect of appreciate tin or depreciation of non US units like the euro , pound and yen held in the foreign ex change reserves .
Gold reserves decreased by $ 279 million to $ 45.2 billion , the RBI said .
The Special Drawing Rights ( SDRs ) were down by $ 27 million to $ 18.4 billion , the apex bank said .
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