India's forex reserves drop by $ 7.941 billion to $ 553.105 billion

India's forex reserves drop by $ 7.941 billion to $ 553.105 billion

Mumbai, September 9, 2022

Maintaining a downtrend for the fifth consecutive week, India's foreign exchange reserves plunged by $ 7.941 billion to $ 553.105 billion during the week ended September 2, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had slid by $ 3.007 bilion to $ 561.046 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 $ 6.527 billion to $ 492.117 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 $ 1.339 billion to $ 38.303 billion while its special drawing rights (SDRs) fell by $ 50 million to $ 17.782 billion during the week.

India's reserve position in the International Monetary Fund (IMF) decreased by $ 24 million to $ 4.902 billion during the week, the bulletin added.


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