India's forex reserves dip by $ 1.152 billion to $ 571.560 billion

Mumbai, July 30, 2022

Continuing a downtrend for the fourth consecutive week, India's foreign exchange reserves dipped by $ 1.152 billion to $ 571.560 billion during the week ended July 22, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had fallen by $ 7.541 billion to $ 572.712 billion during the previous week.

In its weekly statistical supplement released here on Friday, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 1.426 billion to $ 510.136 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves went up by $ 145 million to $ 38.502 billion while its special drawing rights (SDRs) rose by $ 106 million to $ 17.963 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 23 million to $ 4.960 billion during the week, the bulletin added.

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