India's forex reserves fall by $ 249 million to $ 583.697 billion

India's forex reserves fall by $ 249 million to $ 583.697 billion

Mumbai, February 20, 2021

Continuing a downtrend for the second consecutive week, India's foreign exchange reserves fell by $ 249 million to $ 583.697 billion during the week ended February 12, the Reserve Bank of India (RBI) said here on Friday.

The country's foreign exchange reserves had dipped by $ 6.240 billion to $ 583.945 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 $ 1.387 billion to $ 540.951 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 increased by $ 1.260 billion to $ 36.227 billion, while its special drawing rights went up by $ 10 million to $ 1.513 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 132 million to $ 5.006 billion, the bulletin added.

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