India's forex reserves fall by $ 353 million to $ 541.66 billion

India's forex reserves fall by $ 353 million to $ 541.66 billion

Mumbai, September 18, 2020

Reversing a three-week uptrend, India's foreign exchange reserves dipped by $ 353 million to $ 541.66 billion during the week ended September 11, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had risen by $ 582 million to $ 542.013 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 $ 841 million to $ 497.521 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 up by $ 499 million to $ 38.02 billion, while its special drawing rights (SDRs) decreased by $ 1 million to $ 1.482 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 11 million to $ 4.637 billion, the bulletin added.

NNN

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