India's forex reserves dip by $ 5.008 billion to $ 588.314 billion

India's forex reserves dip by $ 5.008 billion to $ 588.314 billion

Mumbai, July 8, 2022

India's foreign exchange reserves dipped by $ 5.008 billion to $ 588.314 billion during the week ended July 1, the Reserve Bank of India (RBI) said here today.

Last week, the reserves had, reversing a three-week downtrend, risen by $ 2.734 billion to $ 593.323 billion.

In its weekly statistical supplement released here on Friday, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 4.471 billion to $ 524.745 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 $ 504 million to $ 40.422 billion while its special drawing rights (SDRs) decreased by $ 77 million to $ 18.133 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 44 million to $ 5.014 billion during the week, the bulletin added.

NNN

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