The country?s foreign-exchange reserves declined $1.6 billion to $314.6 billion in the week ended May 30, the central bank said. Foreign-currency assets fell $1.3 billion to $304.9 billion, the Reserve Bank of India said in its weekly statistical supplement, on Friday. Gold reserves fell $225 million to $9.2 billion while its reserves with the International Monetary Fund dropped $4 million to $526 million.
The nation’s special drawing rights with the International Monetary Fund remained unchanged at $11 million.
The change in foreign-currency assets is partly because of changes in the value of the dollar against the euro, the yen and other currencies during the period, the central bank said.
India’s foreign-exchange reserves, including overseas currencies, gold and special drawing rights with the International Monetary Fund, have increased $106.2 billion in the past year.
Meanwhile, money supply in India grew 22.5% in the two weeks ended May 23 from a year earlier, compared with 22% in the prior two weeks, the central bank data showed.
M3, which mainly comprises currency in public circulation, bank deposits and money invested in other saving plans, stood at Rs 40.8 trillion ($955.6 billion) on May 23, the Reserve Bank of India said.