India's forex reserves dip by $ 2.597 billion to $  619.678 billion

India's forex reserves dip by $ 2.597 billion to $ 619.678 billion

Mumbai, March 26, 2022

Falling for the second consecutive week, India's foreign exchange reserves dipped by $ 2.597 billion to $ 619.678 billion during the week ended March 18, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reservs had plunged by $ 9.646 billion to $ 622.275 bilion during the previous week -- the steepest fall in nearly two years.

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 $ 703 million to $ 553.656 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 $ 1.831 billion to $ 42.011 billion, while its special drawing rights (SDRs) decreased by $ 62 million to $ 18.865 billion during the week.

The country's reserve position in the International Monetary Fund (IMF) remained unchanged at $ 5.146 billion during the week, the bulletin added.

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