India's forex reserves fall by $ 2.986 billion to $ 579.285 billion

India's forex reserves fall by $ 2.986 billion to $ 579.285 billion

Mumbai, April 3, 2021

Reversing a two-week uptrend, India's foreign exchange reserves dipped by $ 2.986 billion to $ 579.285 billion during the week ended March 26, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had risen by $ 233 million to $ 582.271 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 $ 3.226 billion to $ 537.953 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 $ 276 million to $ 34.907 billion, while its special drawing rights went down by $ 9 million to $ 1.490 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 27 million to $ 4.935 billion, the bulletin added.

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