India's forex reserves fall by $ 1.087 billion to $ 529.994 billion

Mumbai, November 13, 2022

India's foreign exchange reserves fell by $ 1.087 billion to $ 529.994 billion in the week ended November 4, the Reserve Bank of India (RBI) said.

The country's forex reserves had risen by $ 6.561 billion to $ 531.081 billion in the previous week, reversing a two-week downtrend.

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 $ 120 million to $ 470.727 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 dropped by $ 705 million to $ 37.057 billion, while its its special drawing rights (SDRs) decreased by $ 235 million to $17.390 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 27 million to $ 4.820 billion, the bulletin added.

NNN