India's forex reserves slide by $ 3.007 billion to $ 561.046 billion

India's forex reserves slide by $ 3.007 billion to $ 561.046 billion

Mumbai, September 2, 2022

Continuing a downtrend for the fourth consecutive week, India's foreign exchange reserves slid by $ 3.007 bilion to $ 561.046 billion during the week ended August 26, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had plunged by $ 6.687 billion to $ 564.053 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 fallen by $ 2.571 billion to $ 498.645 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 $ 271 million to $ 39.643 billion while its special drawing rights (SDRs) fell by $ 155 million to $ 17.832 billion during the week.

India's reserve position in the International Monetary Fund (IMF) decreased by $ 10 million to $ 4.926 billion during the week, the bulletin added.

NNN

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