India's forex reserves rise by $ 44 million to $ 562.851 billion

Mumbai, January 7, 2023

Reversing a two-week downtrend, India's foreign exchange reserves rose by $ 44 million to $ 562.851 billion during the week ended December 30, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had dipped by $ 691 million to $ 562.808 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 $ 302 million to $ 498.188 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 $ 354 million to $ 41.323 billion while its special drawing rights (SDRs) decreased by $ 8 million to $ 18.182 billion during the week.

India's reserve position in the International Monetary Fund (IMF) remained unchanged from the previous week at $ 5.159 billion, the bulletin added.

NNN