New Delhi: The foreign exchange reserves of the country slipped down for fifth week in a row. The forex reserves edged lower by by $ 2.47 billion to $ $ 600.004 billion for the week ended April 8. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.
As per the data released by the RBI, the forex reserve declined by more than $ 30 billion in last five weeks. The forex reserves had slipped by $ 2.597 billion and $ 9.646 billion in the previous two weeks, respectively. The decline in reserves has also been sharp, a near $40 billion, or over a 6% decline from a record high of $642.453 billion on September 3, 2021.
Also Read; Fuel ship with 750 tonnes of diesel sinks off Tunisia coast
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. FCAs edged lower by $ 2.082 billion to $ 537.645 billion during the week 8. The foreign currency assets had slumped by $ 10.727 billion in the previous week.
India’s reserve position in the International Monetary Fund (IMF) dipped by $ 34 million to $ 5.101 billion. India’s special drawing rights (SDRs) with the IMF fell by $ 141 million to $ 18.738 billion. The value of gold reserves dipped by $ 215 million to $ 42.519 billion. It had dropped by $ 507 million during the week ended April 1.
Post Your Comments