India's forex reserves fall by $ 4.854 billion to $ 532.664 billion

Mumbai, October 8, 2022

Maintaining a downtrend for the ninth consecutive week, India's foreign exchange reserves fell by $ 4.854 billion to $ 532.664 billion during the week ended September 30, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had plunged by $ 8.134 billion to $ 537.518 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 dipped by $ 4.406 billion to $ 472.807 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 $ 281 million to $ 37.605 billion while its special drawing rights (SDRs) fell by $ 167 million to $ 17.427 billion during the week.

India's reserve position in the International Monetary Fund (IMF) remained unchanged at $ 4.826 billion during the week, the bulletin added.

NNN