New Delhi: The foreign exchange reserves of the country slipped down by $ 11.173 billion to $ $ 606.475 billion for the week ended April 1. This is the sharpest fall ever in the forex reserve of India. This is for the fourth week in a row that the forex reserve suffered a decline. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.
According to RBI the sharp decline in foreign currency assets is the main reason for the downfall of forex reserve. The forex reserves had slipped by $ 2.597 billion and $ 9.646 billion in the previous two weeks, respectively.
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The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF).
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. FCA declined by $ 10.727 billion to $ 539.727 billion.
India’s reserve position in the International Monetary Fund (IMF) rose by $ 4 million to $ 5.136 billion. The value of gold reserves dropped by $ 507 million to $ 42.734 billion. India’s special drawing rights (SDRs) with the IMF surged by $ 58 million to $ 18.879 billion.
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