India's forex reserves fall by $ 691 million to $ 562.808 billion

Mumbai, December 30, 2022

Continuing a downtrend for the second consecutive week, India's foreign exchange reserves dipped by $ 691 million to $ 562.808 billion during the week ended December 23, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had fallen by $ 571 million to $ 563.499 billion during the previous week, reversing a five-week uptrend.

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 $ 1.134 billion to $ 498.490 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 up by $ 390 million to $ 40.969 billion whille its special drawing rights (SDRs) increased by $ 8 million to $ 18.190 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 45 million to $ 5.159 billion, the bulletin added.

NNN