India's forex reserves dip by $ 1.774 billion to $ 595.954 billion

Mumbai, May 14, 2022

Continuing a downtrend for the ninth consecutive week, India's foreign exchange reserves dipped by $ 1.774 billion to $ 595.954 billion during the week ended May 6, the Reserve Bank of India (RBI) said.

The country's forex reserves had fallen by $ 2.695 billion to $ 597.728 billion in the previous week, marking the first time in nearly a year that they had droppedbelow the $ 600-billion mark.

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 $ 1.968 billion to $530.855 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 $ 135 million to $ 41.739 billion while its special drawing rights (SDRs) increased by $ 70 million to $ 18.370 billion during the week.

India's reserve position in the International Monetary Fund (IMF) fell by $ 11 million to $ 4.990 billion during the week, the bulletin added.

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