Forex reserves drop by USD 6 billion to USD 593.48 billion

Updated: May 26 2023 5:40PM

Forex reserves drop by USD 6 billion to USD 593.48 billion

Mumbai, May 26 (PTI) India's foreign exchange reserves dropped by USD 6.052 billion to USD 593.477 billion during the week ended May 19, RBI said on Friday.

The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by USD 3.5 billion to take the overall quantum just shy of USD 600 billion.

In October 2021, the country's forex kitty had reached an all-time high of USD 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.

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