India's forex reserves fall by $ 4.501 billion to $ 528.367 billion

Mumbai, October 23, 2022

India's foreign exchange reserves fell by $ 4.501 billion to $ 528.367 billion in the week ended October 14, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had gone up by $ 204 million to $ 532.868 billion during the previous week after falling for nine consecutive weeks before that.

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 $ 2.828 billion to $ 468.668 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 $ 1.502 billion to $ 37.453 billion while its special drawing rights (SDRs) dipped by $ 149 million to $ 17.433 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 23 million to $ 4.813 billion, the bulletin added.

NNN