India's forex reserves fall by $ 5.346 billion to $ 481.892 billion
Business & Economy

India's forex reserves fall by $ 5.346 billion to $ 481.892 billion

NetIndian News Network

Mumbai, March 20, 2020

Reversing a 24-week uptrend, India’s foreign exchange reserves dipped by $ 5.346 billion to $ 481.892 billion during the week ended March 13, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had soared by $ 5.697 billion to a new high of $ 487.54 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 fallen by $ 3.777 billion to $447.358 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 declined by $ 1.533 billion to $ 29.467 billion while its special drawing rights (SDRs) went up by $ 2 million to $ 1.449 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 38 million to $ 3.618 billion, the bulletin added.

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