India's forex reserves rise by $ 2.315 billion to $  573.875 billion

India's forex reserves rise by $ 2.315 billion to $ 573.875 billion

Mumbai, August 6, 2022

Reversing a four-week downtrend, India's foreign exchange reserves rose by $ 2.315 billion to $ 573.875 billion during the week ended July 29, the Reserve Bank of India (RBI) said here on Friday.

The country's foreign exchange reserves had dipped by $ 1.152 billion to $ 571.560 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 up by $ 1.121 billion to $ 511.257 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 $ 1.140 billion to $ 39.642 billion while its special drawing rights (SDRs) rose by $ 22 million to $ 17.985 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 31 million to $ 4.991 billion during the week, the bulletin added.

NNN

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