India's forex reserves fall by $ 6.687 billion to $ 564.053 billion

India's forex reserves fall by $ 6.687 billion to $ 564.053 billion

Mumbai, August 27, 2022

Maintaining a downtrend for the third consecutive week, India's foreign exchange reserves plunged by $ 6.687 billion to $ 564.053 billion during the week ended August 19, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had dipped by $ 2.238 billion to $ 570.740 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 fallen by $ 5.779 billion to $ 501.216 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 $ 704 million to $ 39.914 billion while its special drawing rights (SDRs) fell by $ 146 million to $ 17.987 billion during the week.

India's reserve position in the International Monetary Fund (IMF) decreased by $ 58 million to $ 4.936 billion during the week, the bulletin added.


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