India's forex reserves dip by $ 2.078 billion to $ 505.566 billion
Business & Economy

India's forex reserves dip by $ 2.078 billion to $ 505.566 billion

NetIndian News Network

Mumbai, June 26, 2020

Reversing a seven-week uptrend, India's foreign exchange reserves dipped by $ 2.078 billion to $ 505.566 billion during the week ended June 19, the Reserve Bank of India (RBI) said here today.

The country's forex reserves ahd surged by $ 5.942 billion to reach a new all-time high of $ 507.644 billion during 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 $ 1.698 billion to $ 467.039 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 fell by $ 358 million to $ 32.815 billion, while its special drawing rights (SDRs) reduced by $ 6 million to $ 1.447 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 16 million to $ 4.264 billion, the bulletin added.

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