India's forex reserves dip by $ 2.939 billion to $ 535.252 billion
Business & Economy

India's forex reserves dip by $ 2.939 billion to $ 535.252 billion

NetIndian News Network

Mumbai, August 21, 2020

Reversing a seven-week uptrend, India's foreign exchange reserves dipped by $ 2.939 billion to $ 535.252 billion during the week ended August 14, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had risen by $ 3.623 billion to a new high of $ 538.191 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 $ 743 million to $ 491.55 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 decreased by $ 2.19 billion to $ 37.595 billion, while its special drawing rights (SDRs) went down by $ 2 million to $ 1.479 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 4 million to $ 4.628 billion, the bulletin added.

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