India's forex reserves slide by $ 4.599 billion to $ 596.458 billion

India's forex reserves slide by $ 4.599 billion to $ 596.458 billion

Mumbai, June 18, 2022

Maintaining a downtrend for the second consecutive week, India's foreign exchange reserves slid by $ 4.599 billion to $ 596.458 billion during the week ended June 10, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had, reversing a two-week uptrend, fallen by $ 306 million to $ 601.057 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 down by $ 4.535 billion to $ 532.244 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 $ 1 million to $ 40.842 billion while its special drawing rights (SDRs) decreased by $ 23 million to $ 18.388 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 40 million to $ 4.985 billion during the week, the bulletin added.

NNN

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