India's foreign exchange reserves fall to $584.24 billion

India's foreign exchange reserves fell by $2.164 billion to $584.248 billion for the week ending April 21, according to data released by the Reserve Bank of India (RBI) on Friday.

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

Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion.

In the period under review, the reserves fell mainly due to foreign currency assets (FCAs) shrinking by $2.146 billion to $514.489 billion.

The reserves have been declining as the RBI has used the funds to defend the rupee amid pressures caused mainly by global developments.

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