India's forex reserves dip by $ 778 million to $ 578.568 billion

India's forex reserves dip by $ 778 million to $ 578.568 billion

Mumbai, December 18, 2020

India's foreign exchange reserves dipped by $ 778 million to $ 578.568 billion during the week ended December 11, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had surged by $ 4.525 billion to a new high of $ 579.346 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 $ 1.042 billion to $ 536.344 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 up by $ 284 million to $ 36.012 billion while its special drawing rights (SDRs) decreased by $ 3 million to $ 1.503 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 16 million to $ 4.709 billion, the bulletin added.

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