India's forex reserves dip by $ 5.219 billion to $ 545.652 billion

Mumbai, September 24, 2022

Continuing a downtrend for the seventh consecutive week, India's foreign exchange reserves fell by $ 5.219 billion to $ 545.652 billion during the week ended September 16, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had dipped by $ 2.234 billion to $ 550.871 billion during 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 fallen by $ 4.698 billion to $ 484.901 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 $ 458 million to $ 38.186 billion while its special drawing rights (SDRs) fell by $ 32 million to $ 17.686 billion during the week.

India's reserve position in the International Monetary Fund (IMF) decreased by $ 31 million to $ 4.880 billion during the week, the bulletin added.

NNN