India's forex reserves dip by $ 3.847 billion to $ 524.520 billion

Mumbai, October 29, 2022

Maintaining a downtrend for the second consecutive week, India's foreign exchange reserves dipped by $ 3.847 billion to $ 524.520 billion, a two-year-low, in the week ended October 21, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had fallen by $ 4.501 billion to $ 528.367 billion in the previous week.

The foreign exchange reserves were at $ 522.630 billion in the week ended July 24, 2020.

The forex reserves have fallen by more than $ 107 billion since Russia's invasion of Ukraine on February 24 this year. In the week ended February 25, the reserves had stood at $ 631.527 billion.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had dropped by $ 3.593 billion to $ 465.075 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 $ 247 million to $ 37.206 billion while its special drawing rights (SDRs) went up by $ 7 million to $ 17.440 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 14 million to $ 4.799billion, the bulletin added.

NNN