India's Forex Fluctuations: A Billion-Dollar Shift
India's foreign exchange reserves fell by USD 4.386 billion to USD 690.72 billion for the week ending August 22, after an increase of USD 1.488 billion in the previous week. Key components like foreign currency assets and gold faced reductions, highlighting volatility in reserves.
- Country:
- India
The Reserve Bank of India revealed a substantial drop in the nation's forex reserves, which decreased by USD 4.386 billion in a week. As of August 22, India's reserves stand at USD 690.72 billion.
This downturn follows a previous week's rise, during which the reserves had jumped by USD 1.488 billion. The significant contributors to this decline include a USD 3.652 billion decrease in foreign currency assets, now totaling USD 582.251 billion.
Furthermore, the gold reserves also saw a reduction, shedding USD 665 million to settle at USD 85.003 billion. Other components such as Special Drawing Rights and India's reserves at the IMF experienced minor decreases of USD 46 million and USD 23 million, respectively.
(With inputs from agencies.)
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