India's forex reserves rise by $ 169 million to $ 583.865 billion

India's forex reserves rise by $ 169 million to $ 583.865 billion

Mumbai, February 27, 2021

Reversing a two-week downtrend, India's foreign exchange reserves rose by $ 169 million to $ 583.865 billion during the week ended February 19, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had dipped by $ 249 million to $ 583.697 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 up by $ 1.155 billion to $ 542.106 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 decreased by $ 977 million to $ 36.250 billion, while its special drawing rights went down by $ 4 million to $ 1.508 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 4 million to $ 5.002 billion, the bulletin added.

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