India's Forex Reserves Fall To $634.28 Billion

Country's foreign exchange (forex) reserves fell by $678 million to $634.28 billion in the week ended January 21 due to a sharp fall in foreign currency assets, according to Reserve Bank of India (RBI) data.

Foreign currency assets, which are the biggest component of forex reserves, went down by $1.115 billion to $569.582 billion during the week under review, according to the RBI's weekly statistical supplement.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling, and Japanese Yen held in the foreign exchange reserves.

The value of India's special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $68 million to $19.152 billion, while India's reserve position in the IMF dropped by $22 million to $5.216 billion.

However, there was a sharp increase in the value of gold reserves. The value of gold reserves rose by $567 million to $40.337 billion in the week ended January 21, 2022.