The country’s foreign exchange reserves fell by $ 678 million to $ 634.28 billion in the week ended January 21.
Mumbai (Maharashtra):
The country’s foreign exchange (forex) reserves fell by $678 million to $634.28 billion in the week ended January 21 due to a sharp fall in foreign currency assets, according to data from the Reserve Bank of India (RBI).
Foreign exchange assets, which are the largest component of forex reserves, declined by $1.115 billion to $569.582 billion during the week under review, according to RBI’s weekly statistical supplement.
Expressed in terms of US dollars, foreign currency assets include the effect of increases or depreciation in foreign exchange reserves of non-dollar currencies such as the euro, the UK pound sterling, and the Japanese yen.
The value of India’s Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by $68 million to $19.152 billion, while India’s reserve position with the IMF fell by $22 million to $5.216 billion.
However, there was a sharp increase in the value of gold reserves. The value of gold reserves increased by $567 million to $40.337 billion for the week ended January 21, 2022.
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