India’s forex reserves dip by $8.06 billion to $580.25 billion

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Mumbai (Maharashtra) [India], July 15 (ANI): India’s foreign exchange (forex) reserves slumps by $8.062 billion to $580.252 billion for the week ended July 8, as per the data released by the Reserve Bank of India (RBI) on Friday.

There was a sharp drop in all components of the forex reserves.
According to the Reserve Bank of India’s weekly statistical supplement, India’s foreign currency assets, which are the biggest component of the forex reserves, slumped by $6.656 billion to $518.089 billion during the week ended July 8.

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 and Japanese Yen held in the foreign exchange reserves.

The value of gold reserves fell by $1.236 billion to $39.186 billion during the week ended July 8.

The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund fell by $122 million to $18.012 billion during the week under review, the RBI data showed.

India’s reserve position in the International Monetary Fund (IMF) dropped by $49 million to $4.966 billion during the week ended July 8, as per the RBI Weekly Statistical Supplement. (ANI)

 

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