India's forex reserves rise by $ 1.091 billion to $ 585.334 billion

India's forex reserves rise by $ 1.091 billion to $ 585.334 billion

Mumbai, January 29, 2021

India's foreign exchange reserves rose by $ 1.091 billion to $ 585.334 billion during the week ended January 22, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had fallen by $ 1.839 billion to $ 584.242 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 decreased by $ 685 million to $ 542.192 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 reduced by $ 1.534 billion to $ 36.459 billion, while its special drawing rights went up $ 1 million to $ 1.513 billion.

The country's reserve position in the International Monetary Fund (IMF) increased by $ 7 million to $ 5.171 billion, the bulletin added.

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