India's forex reserves fall by $ 571 million to $ 563.499 billion

Mumbai, December 23, 2022

Reversing a five-week uptrend, India's foreign exchange reserves fell by $ 571 million to $ 563.499 billion during the week ended December 16, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had risen $ 2.908 billion to $ 564.070 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 gone down by $ 500 million to $ 499.624 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 $ 150 million to $ 40.579 billion whille its special drawing rights (SDRs) increased by $ 75 million to $ 18.181 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 4 million to $ 5.114 billion, the bulletin added.

NNN