Lagatar24 Desk
New Delhi, Jan 29: India’s foreign exchange (forex) reserves declined by $678 million to $634.28 billion in the week ended January 21 due to a steep drop in foreign currency holdings, according to Reserve Bank of India (RBI) data.
According to the RBI’s weekly statistics supplement, foreign currency assets, the largest component of FX reserves, fell $1.115 billion to $569.582 billion during the week under review.
The effect of appreciation or depreciation of non-dollar currencies held in foreign exchange reserves, such as the Euro, the British Pound Sterling, and the Japanese Yen, is included in the foreign currency assets when expressed in US dollar terms.
The value of India’s special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $68 million to $19.152 billion, while the country’s reserve position with the IMF fell by $22 million to $5.216 billion.
The value of gold reserves, on the other hand, increased dramatically. In the week ending January 21, 2022, the value of gold reserves increased by $567 million to $40.337 billion.
