India's forex reserves fall by $ 7.541 billion to $ 572.712 billion

Mumbai, July 22, 2022

Maintaining a downtrend for the third consecutive week, India's foreign exchange reserves fell by $ 7.541 billion to $ 572.712 billion during the week ended July 15, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had plunged by $ 8.062 billion to $ 580.252 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 $ 6.527 billion to $ 511.562 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 $ 830 million to $ 38.356 billion while its special drawing rights (SDRs) dipped by $ 155 million to $ 17.857 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 29 million to $ 4.937 billion during the week, the bulletin added.

NNN