India's forex reserves fall by $ 897 million to $ 572.978 billion

India's forex reserves fall by $ 897 million to $ 572.978 billion

Mumbai, August 13, 2022

India's foreign exchange reserves fell by $897 million to $ 572.978 billion during the week ended August 5, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had, reversing a four-week downtrend, risen by $ 2.315 billion to $ 573.875 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 $ 1.611 billion to $ 509.646 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 $ 671 million to $ 40.313 billion while its special drawing rights (SDRs) rose by $ 46 million to $ 18.031 billion during the week.

India's reserve position in the International Monetary Fund (IMF) decreased by $ 3 million to $ 4.987 billion during the week, the bulletin added.

NNN

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