India's forex reserves drop by $ 1.268 billion to $ 561.583 billion

Mumbai, January 14, 2023

India's foreign exchange reserves dropped by $1.268 billion to $561.583 billion during the week ended January 6, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had, reversing a two-week downtrend, risen by $ 44 million to $ 562.851 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 gone down by $ 1.747 billion to $ 496.441 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 up by $ 461 million to $ 41.784 billion while its special drawing rights (SDRs) increased by $ 35 million to $ 18.217 billion during the week.

India's reserve position in the International Monetary Fund (IMF) fell by $ 18 million to $ 5.141 billion, the bulletin added.

NNN