India's forex reserves fall by $ 2.238 billion to $ 570.740 billion

India's forex reserves fall by $ 2.238 billion to $ 570.740 billion

Mumbai, August 19, 2022

Continuing a downtrend for the second consecutive week, India's foreign exchange reserves dipped by $ 2.238 billion to $ 570.740 billion during the week ended August 12, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had fallen by $ 897 million to $ 572.978 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 gone down by $ 2.652 billion to $ 506.994 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 $ 305 million to $ 40.618 billion while its special drawing rights (SDRs) rose by $ 102 million to $ 18.133 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 7 million to $ 4.994 billion during the week, the bulletin added.

NNN

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