India's forex reserves fall by $ 306 million to $ 601.057 billion

Mumbai, June 11, 2022

Reversing a two-week uptrend, India's foreign exchange reserves fell by $ 306 million to $ 601.057 billion during the week ended June 3, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had risen by $ 3.854 billion to $ 601.363 billion during 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 $ 208 million to $ 536.779 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 $ 74 million to $ 40.843 billion while its special drawing rights (SDRs) decreased by $ 28 million to $ 18.410 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 5 million to $ 5.025 billion during the week, the bulletin added.

NNN