India's forex reserves dip by $ 2.471 billion to $ 604.004 billion

India's forex reserves dip by $ 2.471 billion to $ 604.004 billion

Mumbai, April 16, 2022

Falling for the fifth consecutive week, India's foreign exchange reserves dipped by $ 2.471 billion to $ 604.004 billion during the week ended April 8, the Reserve Bank of India (RBI) said.

The forex reserves had plunged by a whopping $ 11.173 billion to $ 606.475 billion during the previous week ended April 1 -- the steepest weekly fall ever.

In its weekly statistical supplement released here on Friday, the Reserve Bank of India (RBI) said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 2.082 billion to $ 537.645 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 down by $ 215 million to $ 42.519 billion,while its special drawing rights (SDRs) decreased by $ 141 million to $ 18.738 billion during the week.

The country's reserve position in the International Monetary Fund (IMF) fell by $ 34 million to $ 5.101 billion during the week, the bulletin added.

NNN

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