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India’s Forex Reserves Fall After Reaching Record High
India keeps foreign money, gold, and other assets as a safety cushion.
This cushion is called foreign exchange reserves.
The reserves were worth about $780.8 billion in the week ending September 11.
That was lower than the record of about $785.7 billion reached the week before.
The main foreign currency portion fell by $2.372 billion.
The value of India’s gold reserves also fell by $2.591 billion.
India’s holdings of IMF Special Drawing Rights increased slightly.
Even after the decline, the reserves remain a large buffer against unexpected changes in global financial markets.
India’s foreign exchange reserves fell by $4.924 billion to $780.782 billion in the week ended September 11.
The reserves had reached a record $785.706 billion, or about $785.71 billion, in the previous week.
Foreign currency assets declined by $2.372 billion to $645.796 billion during the reporting week.
Gold reserves fell by $2.591 billion to $111.225 billion, while SDR holdings rose by $39 million to $18.845 billion.
The reserve position with the International Monetary Fund remained at $4.916 billion.
- Who
- India and the Reserve Bank of India.
- What
- India’s foreign exchange reserves declined by $4.924 billion to $780.782 billion.
- Where
- India; the data was released from Mumbai.
- When
- The decline occurred during the week ended September 11; the RBI released the data on September 18.
- Why
- The decline was attributed to decreases in foreign currency assets and gold reserves.
Key facts
- Reserves on September 11
- $780.782 billion
- Weekly decline
- $4.924 billion
- Previous record
- $785.706 billion in the week ended September 4
- Foreign currency assets
- $645.796 billion, down $2.372 billion
- Gold reserves
- $111.225 billion, down $2.591 billion
- IMF SDR holdings
- $18.845 billion, up $39 million
- Reserve position with IMF
- $4.916 billion
Sources
India's forex reserves drop by $4.9 billion to $780.7 billion: RBI data
India’s forex reserves stand at $780.78 billion despite global headwinds
India's Forex Reserves Decline To $780.78 Billion After Record High Of $785.71 Billion
India’s forex reserves drop by USD 4.924 billion to USD 780.782 billion: RBI data
India's forex reserves drop by $4.924 bn to $780.782 bn
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