India’s foreign exchange reserves fall by $1.76 billion

Mumbai: The foreign exchange reserves of the country slipped down   by $ 1.76 billion to $ 630.19 billion for the week ended February 11.  The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. The foreign exchange reserves of the country comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). As per the RBI, the decrease was due to a sharp drop in the value of foreign currency assets of the country

FCA slumped by $2.764 billion to $565.565 billion. FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.

Also Read; BCCI announces India’s T20I, Test squads 

India’s reserve position in the International Monetary Fund (IMF) dropped by $16 million to $5.217 billion. The value of gold reserves jumped by $952 million to $40.235 billion. India’s special drawing rights (SDRs) with the IMF rose by $ $65 million to $19.173 billion.