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India's forex reserves dip

India's forex reserves dip steeply by $ 2.319 billion to $ 351.557 billion

India’s foreign exchange reserves have dipped steeply by 2.319 billion US dollar to 351.557 billion in the week ended 22nd May. A RBI press release has informed that foreign currency assets, a major part of the overall reserves, declined by 2.285 billion US Dollar to 326.839 billion. In the previous week, the reserves had surged by a whopping 1.745 billion US Dollar to touch a record high of 353.876 billion.

The country's gold reserves remained unchanged at 19.335 billion US Dollar for the reporting week while the special drawing rights fell by 26.1 million US dollar to 4.064 billion. India’s reserve position with the International Monetary Fund also fell down by 8.5 million US Dollar to 1.317 billion during the reporting week.

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