International Finance

Indian forex reserve drops to $400.84bn, shows RBI data

RBI, Reserve Bank of India, foreign exchange reserves, India, foreign currency assets, US Dollar
The special drawing rights with IMF fell by $3.4 million to $1.463 billion

Foreign exchange reserves in India fell by $33.2bn to $400.847bn in mid-August due to dip in foreign currency assets, according to Reserve Bank of India.

In the previous week the reserves dropped $1.822 bn to $400.881bn. A report on Economic Times reads: “The reserves have been declining in the past few weeks as the Reserve Bank is selling the US dollar —0.85 % to contain depreciation in the rupee, which is frequently testing the 70-level against the American unit.”
As per the RBI data, in the end of August mid-week, foreign currency assets being a significant part of the reserves dipped by $60.2mn to $376.205bn.

The Apex Bank said the country’s reserve position with the IMF also steeped by $5.7mn to $2.452bn.

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