India's forex reserves dip by $ 6.240 billion to $583.945 billion

India's forex reserves dip by $ 6.240 billion to $583.945 billion

Mumbai, February 12, 2021

Reversing a two-week uptrend, India's foreign exchange reserves dipped by $ 6.240 billion to $ 583.945 billion during the week ended February 5, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 4.852 billion to a new high of $ 590.185 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 $ 4.880 billion to $ 542.338 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 $ 1.327 billion to $ 34.967 billion, while its special drawing rights went down by $ 6 million to$ 1.503 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 27 million to $ 5.138 billion, the bulletin added.

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