India's forex reserves dip by $ 902 million to $ 474.66 billion
Business & Economy

India's forex reserves dip by $ 902 million to $ 474.66 billion

NetIndian News Network

Mumbai, April 10, 2020

India’s foreign exchange reserves dipped by $ 902 million to $ 474.66 billion during the week ended April 3, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had, reversing a two-week downtrend, soared by $ 5.653 billion to $ 475.561 billion during the previous week.

In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone down by $ 547 million 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 $ 340 million to $ 30.55 billion while its special drawing rights (SDRs) went up by $ 5 million to $ 1.427 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 19 million to $ 3.566 billion, the bulletin added.

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