India's foreign exchange reserves fell by USD 2.164 billion to USD 584.248 billion as of April 21, the Reserve Bank of India announced on Friday.

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In the previous reporting week, the overall kitty had risen by USD 1.657 billion to USD 586.412 billion.

It is worth noting that India's foreign exchange reserves reached a record high of USD 645 billion in October 2021. However, in recent weeks, the reserves have been decreasing as the central bank utilised them to support the rupee in the face of global market pressures.

According to the Weekly Statistical Supplement released by the RBI, the foreign currency assets, which make up a significant portion of the country's reserves, saw a decrease of USD 2.146 billion for the week ending on April 21. The current value of these assets now stands at USD 514.489 billion.

This figure takes into account the impact of the appreciation or depreciation of non-US currencies, such as the euro, pound, and yen held in the forex reserves.

The country's gold reserves have decreased by USD 24 million, bringing the total down to USD 46.151 billion, as per RBI. On the other hand, the Special Drawing Rights (SDRs) have increased by USD 19 million, reaching USD 18.431 billion.

Meanwhile, the country's reserve position with the International Monetary Fund (IMF) has declined by USD 14 million, standing at USD 5.176 billion during the reporting week, as per the data released by the apex bank.

Also read: India's economic growth may rebound after 6-9 months of recessionary pressure