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