statesman news service
NEW DELHI, 29 JUNE: Ending a two-week successive rise, India’s foreign exchange reserves dipped sharply by $2.82 billion to $287.85 billion due to a fall in currency assets, the Reserve Bank of India (RBI) has said. The total reserves had gone up by $982 million in the previous reporting week.
Foreign currency assets, a major component of forex reserves, were down by $2.66 billion to $258.43 billion for the week ended 21 June, the Reserve Bank of India’s weekly statistical supplement showed.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.
The gold reserves were unchanged at $22.836 billion, the Reserve Bank data said.
For the week under review, the special drawing rights (SDRs) were down by $28.3 million to $4.372 billion, while the country’s reserve position with the International Monetary Fund declined by a whopping $128.4 million to $2.204 billion, the apex bank data showed.