India's forex reserves dip by  $ 2.099 billion to $ 619.365 billion

India's forex reserves dip by $ 2.099 billion to $ 619.365 billion

Mumbai, August 21, 2021

Reversing a two-week uptrend, India's foreign exchange reserves dipped by $ 2.099 billion to $ 619.365 billion during the week ended August 13, 2021, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had risen by $ 889 million to a record high of $ 621.464 billion during the previous week.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 1.358 billion to $ 576.374 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 fell by $ 720 million to $ 36.336 billion, while its special drawing rights (SDRs) declined by $ 7 million to $ 1.544 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 14 million to $ 5.111 billion, the bulletin added.

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