India's forex reserves drop by $1.5 billion to $365.5 billion

India Infoline News Service | Mumbai | November 27, 2016 11:23 IST

According to the bulletin, the country’s gold reserves remained unchanged at $20.46 billion, while its special drawing rights (SDRs) decreased by $17.9 million to $1.45 billion.

India’s foreign exchange reserves dipped for the second consecutive by $1.542 billion to $365.5 billion in the week ended November 18, the Reserve Bank of India said. The decline was primarily due to the RBI selling dollars to stem the fall in the rupee, which almost closed at a record low after it touched a level of 68.86 intraday on Thursday.

The country’s forex reserves had gone down by $1.19 billion to $367.04 billion in the previous week.

The central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone down by $1.496 billion to $341.276 billion during the week.
 
According to the bulletin, the country’s gold reserves remained unchanged at $20.46 billion, while its special drawing rights (SDRs) decreased by $17.9 million to $1.45 billion.

India's reserve position in the International Monetary Fund (IMF) fell by $28.5 million to $2.318 billion, the bulletin added.
 

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