India's forex reserves shrink to $561.58 billion
Mumbai: India’s forex reserves dropped by $1.268 billion to $561.583 billion for the week ended January 6, the Reserve Bank of India said Friday.
In the previous week, the forex reserves swelled by $44 million to $562.851 billion after two consecutive weeks of the slide.
In October 2021, the country’s forex reserves showed a record increase of $ 645 billion.
Foreign currency assets (FCA), a major component of the overall reserves, dropped by $1.747 billion to $496.441 billion during the week to January 6, according to the Weekly Statistical Supplement released by the RBI.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves grew by $461 million to $41.784 billion, it said.
India’s reserve position with the International Monetary Fund (IMF) dropped by $18 million to $5.141 billion in the reporting week, according to the RBI data.
The Special Drawing Rights (SDRs) rose by $35 million to $18.217 billion, RBI said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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