India's forex reserves drop by USD 878 million to USD 632.73 billion

ANI
14 Jan 2022, 22:48 GMT+10

Mumbai [India], January 14 (ANI): India's foreign exchange (forex) reserves fell by USD 878 million to USD 632.736 billion for the week ended January 7, 2022, the Reserve Bank of India (RBI) data showed on Friday.

The forex reserves have declined by nearly $10 billion from the all-time high of $642.453 billion recorded for the week ended September 3, 2021.

The country's forex reserves had dropped by $1.466 billion to $633.614 billion recorded for the week ended December 31.

According to the RBI's Weekly Statistical Supplement, the decline was recorded in all categories of the forex reserves during the week ended January 7, 2022.

The forex reserves consist of foreign currency assets, gold, SDRs and reserve position in the International Monetary Fund (IMF).

The foreign currency assets declined by $497 million to $569.392 billion. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound sterling, Japanese Yen held in the foreign exchange reserves.

The value of India's gold reserves declined by $360 million to $39.044 billion for the week under review.

India's Special Drawing Rights (SDRs) with the International Monetary Fund fell by $16 million to $19.098 billion.

India's reserve position with the IMF fell by $5 million to $5.202 billion during the week ended January 7, 2022. (ANI)

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