India's forex reserves plunge by $ 9.646 billion to $ 622.275 billion -- the steepest fall in two years

India's forex reserves plunge by $ 9.646 billion to $ 622.275 billion -- the steepest fall in two years

Mumbai, March 20, 2022

India's foreign exchange reserves plunged by $ 9.646 billion to $ 622.275 bilion during the week ended March 11, the steepest fall in nearly two years.

The country's forex reserves had gone up by $ 394 million to $ 631.920 billion during the previous week.

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 $ 11.108 billion to $ 554.359 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 $ 1.522 billion to $ 43.842 billion, while its special drawing rights (SDRs) decreased by $ 53 million to $ 18.928 billion during the week.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 7 million to $ 5.146 billion, the bulletin added.

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