India's forex reserves plunge by $11.173 billion to $606.475 billion

India's forex reserves plunge by $11.173 billion to $606.475 billion

Mumbai, April 8, 2022

Falling for the fourth consecutive week, India's foreign exchange reserves plunged by a whopping $ 11.173 billion to $ 606.475 billion during the week ended April 1 -- the steepest weekly fall ever.

Analysts attributed the sharp fall to global currency fluctuations due to a rise in the strength of the US dollar.

The country's foreign exchange reserves had fallen by $ 2.030 billion to $ 617.648 billion during the previous week.

The forex reserves had fallen by $ 9.646 billion during the week ended March 11.

In its weekly statistical supplement released here on Friday, the Reserve Bank of India (RBI) said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 10.727 billion to $ 539.727 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 $ 507 million to $ 42.734 billion, while its special drawing rights (SDRs)increased by $ 58 million to $ 18.879 billion during the week.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 4 million to $ 5.136 billion during the week, the bulletin added.

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