India’s forex reserves fall by $ 70.8 million to $ 430.501 billion
Business & Economy

India’s forex reserves fall by $ 70.8 million to $ 430.501 billion

NetIndian News Network

Mumbai, August 23, 2019

India’s foreign exchange reserves fell by $ 70.8 million to $ 430.501 billion during the week ended August 16, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had gone up by $ 1.620 billion to $ 430.572 billion during the previous week.
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had dipped by $ 412.4 million to $ 398.327 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 $ 355.9 million to $ 27.11 billion, while its special drawing rights decreased by $ 3.4 million to $ 1.438 billion.
India’s reserve position in the International Monetary Fund (IMF) fell by $ 10.9 million to $ 3.625 billion, the bulletin added.
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