Meanwhile, Gold Reserves stood at $74.15 billion, increasing by $1.9 billion, while Foreign Currency Assets dipped by $4.5 billion and settled at $539.59 billion.
The Weekly Statistical Supplement released by the RBI showed that Special Drawing Rights (SDRs) was up by $19 million and stood at $17.89 billion. The Reserve Bank’s position in IMF was up 14 million at $4.08 billion.
Earlier this month, the central bank also announced a 25 basis point reduction in the repo rate, lowering it to 6.25 per cent at the last meeting of the Monetary Policy Committee. This was the first cut in five years.
India’s forex kitty
The central bank releases India’s forex reserves’ data every Friday, closely monitoring the economic indicator of foreign trade.
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The RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.
Content Source: economictimes.indiatimes.com