Business & Economy

India’s forex reserves dip by $ 1.044 billion to $ 400.897 billion

NetIndian News Network

Mumbai, December 15, 2017

Reversing a four-week uptrend, India’s foreign exchange reserves dipped by $ 1.044 billion to $ 400.897 billion during the week ended December 8, the Reserve Bank of India (RBI) said.
The country’s forex reserves had risen by $ 1.2 billion to $ 401.942 billion in the previous week.
In its weekly statistical supplement today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $ 1.028 billion to $ 376.428 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 remained unchanged at $ 20.703 billion, while its special drawing rights (SDRs) went down by $ 5.3 million to $ 1.497 billion.
India’s reserve position in the International Monetary Fund (IMF) fell by $ 11 million to $ 2.269 billion during the week, the bulletin added.