India's forex reserves fall by $ 2.676 billion to $ 593.279 billion

India's forex reserves fall by $ 2.676 billion to $ 593.279 billion

Mumbai, May 20, 2022

Maintaining a downtrend for the tenth consecutive week, India's foreign exchange reserves fell by $ 2.676 billion to $ 593.279 billion during the week ended May 13, the Reserve Bank of India (RBI) said today.

The country's forex reserves had dipped by $ 1.774 billion to $ 595.954 billion in the previous week.

In its weekly statistical supplement released here on Friday, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 1.302 billion to $ 529.554 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 down by $ 1.169 billion to $ 40.570 billion while its special drawing rights (SDRs) decreased by $ 165 million to $ 18.204 billion during the week.

India's reserve position in the International Monetary Fund (IMF) dropped by $ 39 million to $ 4.951 billion during the week, the bulletin added.


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