India's forex reserves fall by $ 1.169 billion to $ 637.477 billion

India's forex reserves fall by $ 1.169 billion to $ 637.477 billion

Mumbai, October 9, 2021

Continuing a downtrend for the fourth consecutive week, India's foreign exchange reserves fell by $ 1.169 billion to $ 637.477 billion during the week ended October 1, 2021, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had dipped by $ 997 million to $ 638.646 billion in 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 $ 1.280 billion to $ 575.451 million 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 $ 128 million to $ 37.558 billion, while its special drawing rights (SDRs) decreased by $ 138 million to $ 19.240 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 122 million to $ 5.228 billion, the bulletin added.

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