India's forex reserves fall below $ 600 billion for the first time in a year

India's forex reserves fall below $ 600 billion for the first time in a year

Mumbai, May 6, 2022

Maintaining a downtrend for the eighth consecutive week, India's foreign exchange reserves fell below the $ 600-billion mark for the first time in nearly a year as they dipped by $ 2.695 billion to $ 597.728 billion during the week ended April 29.

The forex reserves had dropped by $ 3.271 billion to $ 600.423 billion during the previous week.

The last time the country's reseves had fallen below the $ 600-billion mark was in the week ended May 28, 2021.

In its weekly statistical supplement released here on Friday, the Reserve Bank of India (RBI) said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 1.110 billion to $ 532.823 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 $ 1.164 billion to $ 41.604 billion, while its special drawing rights (SDRs) decreased by $ 362 million to $ 18.299 billion during the week.

India's reserve position in the International Monetary Fund (IMF) fell by $ 59 million to $ 5.001 billion during the week, the bulletin added.

NNN

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