India's forex reserves dip by $ 4.255 billion to $ 580.299 billion

India's forex reserves dip by $ 4.255 billion to $ 580.299 billion

Mumbai, March 12, 2021

Reversing a two-week uptrend, India's foreign exchange reserves dipped by $ 4.255 billion to $ 580.299 billion during the week ended March 5, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had risen by $ 689 million to $ 584.554 in 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 $ 3.002 billion to $ 539.613 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 $ 1.206 billion to $ 34.215 billion, while its special drawing rights went down by $ 11 million to $ 1.506 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 36 million to $ 4.965 billion, the bulletin added.

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