India’s forex reserves fall by $ 2.057 billion to $ 417.998 billion

Reversing a three-week uptrend, India’s foreign exchange reserves dipped by $ 2.057 billion to $ 417.998 billion during the week ended May 17, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had gone up by $ 1.368 billion to $ 420.055 billion during the previous week.
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had fallen by $ 2.030 billion to $ 390.197 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves remained unchanged at $ 23.021 billion, while its special drawing rights (SDRs) went down by $ 9.8 million to $ 1.4445 billion.
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 16.9 million to $ 3.3347 billion, the bulletin added.

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