India's forex reserves fall by $ 5.870 billion to $ 590.588 billion

Mumbai, June 25, 2022

Continuing a downtrend for the third consecutive week, India's foreign exchange reserves fell by $ 5.870 billion to $ 590.588 billion during the week ended June 17, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had slid by $ 4.599 billion to $ 596.458 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 $ 5.362 billion to $ 526.882 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 $ 258 million to $ 40.584 billion while its special drawing rights (SDRs) decreased by $ 233 million to $ 18.155 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 17 million to $ 4.968 billion during the week, the bulletin added.

NNN