Forex reserves drop by $6bn to $594bn

Mumbai: The country’s foreign exchange reserves dropped by $6.1 billion to $593.5 billion during the week ended May 19, the RBI said on Friday. The drop snapped two consecutive weeks of increases. In the previous week, the overall reserves had increased by $3.5 billion to take the overall quantum just shy of $600 billion. In October 2021, the forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Foreign currency assets include the effect of appreciation or depreciation of non-US units. agencies
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