India's forex reserves fall by $  2.234 billion to $ 550.871 billion

India's forex reserves fall by $ 2.234 billion to $ 550.871 billion

Mumbai, September 17, 2022

Maintaining a downtrend for the sixth consecutive week, India's foreign exchange reserves dipped by $ 2.234 billion to $ 550.871 billion during the week ended September 9, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had plunged by $ 7.941 billion to $ 553.105 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 $ 2.519 billion to $ 489.598 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 $ 340 million to $ 38.644 billion while its special drawing rights (SDRs) fell by $ 63 million to $ 17.719 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 8 million to $ 4.910 billion during the week, the bulletin added.

NNN

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