India's forex reserves dip by $ 290 million to $ 580.841 billion

India's forex reserves dip by $ 290 million to $ 580.841 billion

Mumbai, January 1, 2021

India's foreign exchange reserves dipped by $ 290 million to $ 580.841 billion during the week ended January 1, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had surged by $ 2.563 billion to a new high of $ 581.131 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 fallen by $ 253 million to $ 537.474 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 down by $ 308 million to $ 36.711 billion, while its special drawing rights decreased by $ 4 million to $ 1.510 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 276 million to $ 5.145 billion, the bulletin added.

NNN

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