The country?s foreign-exchange reserves declined by $663 million to $312.87 billion in the week ended April 25, the central bank said.
Foreign-currency assets fell $660 million to $302.3 billion, the Reserve Bank of India (RBI) said in its weekly statistical supplement (WSS).
Gold reserves and the nation’s special drawing rights with the International Monetary Fund remained unchanged at $10.04 billion and $18 million respectively, while reserves with the IMF fell $3 million to $486 million. The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, yen and other currencies during the period, the central bank said.
India’s foreign-exchange reserves have risen $108.7 billion in the past year, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the International Monetary Fund.
The government had no outstanding debt with the central bank, according to the statement. State governments repaid 11.12 billion rupees ($273 million), reducing their total outstanding to Rs 4.71 bln.
Meanwhile, money supply growth or M3 was at 21.2%. It was outstanding at Rs 40, 19,466 crore in the two weeks ended April 11.
M3 mainly comprises currency in public circulation, bank deposits and money with the RBI. Meanwhile, aggregate bank deposits outstanding as on April 11 stood at Rs 31,96,566 crore, while bank credit was at Rs 23,41,030 crore. Food credit stood at Rs 39,129 crore while non-food credit was at Rs 23,01,900 crore.