India's forex reserves fall by $ 469 million to $574.821 billion

India's forex reserves fall by $ 469 million to $574.821 billion

Mumbai, December 4, 2020

Reversing an eight-week uptrend, India's foreign exchange reserves fell by $ 469 million to $ 574.821 billion during the week ended November 27, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had surged by $ 2.518 billion to a new high $ 575.29 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 up by $ 352 million to $ 533.455 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 down by $ 822 million to $ 35.192 billion while its special drawing rights (SDRs) increased by $ 2 million to $ 1.494 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 1 million to $ 4.679 billion, the bulletin added.

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