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.