India's forex reserves dip by $ 2.415 billion to $ 576.869 billion

India's forex reserves dip by $ 2.415 billion to $ 576.869 billion

Mumbai, April 10, 2021

Continuing a downtrend for the second consecutive week, India's foreign exchange reserves fell by $ 2.415 billion to $ 576.869 billion during the week ended April 2, 2021, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had dipped by $ 2.986 billion to $ 579.285 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 slid by $ 1.515 billion to $ 536.438 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 decreased by $ 884 million to $ 34.023 billion, while its special drawing rights went down by $ 4 million to $ 1.486 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 12 million to $ 4.923 billion, the bulletin added.

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