India’s forex reserves down by $1.087 billion to $529.994 billion

India’s foreign exchange reserves dipped by $1.087 billion in the week ending November 4, after a $6.6 billion rise in the preceding week.

The reserves stood at $529.994 billion, according to Reserve Bank of India‘s latest data, which is a massive $112.459 billion lower than its peak of $642.453 billion seen on September 3, last year.

About 60% of the fall in reserves was due to valuation changes as reserves held in other global currencies such as the pound, euro and Japanese yen sharply depreciated against the dollar.

Out of total reserves, foreign currency assets stood at $470.727 billion, while reserves held in gold were at $37.057 billion. The balance is kept with the International Monetary Fund as special drawing rights and reserves.

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