India's foreign exchange reserves  fall by $ 113 million to $ 479.455 billion

India's foreign exchange reserves fall by $ 113 million to $ 479.455 billion

Mumbai, May 2, 2020

Reversing a two-week uptrend, India’s foreign exchange reserves fell by $ 113 million to $ 479.455 billion during the week ended April 24, the Reserve Bank of India (RBI) said here on Friday.

The country’s forex reserves had soared by $ 3.093 billion to $ 479.568 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 gone down by $ 321 million to $441.564 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 increased by $ 221 million to $ 32.901 billion while its special drawing rights (SDRs) went down by $ 6 million to $ 1.421 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 8 million to $ 3.57 billion, the bulletin added.

NNN

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