Mumbai: The foreign exchange reserves of the country slipped down for sixth week in a row. The forex reserves edged lower by by $ 3.271 billion to $ $ 600.423 billion for the week ended April 22. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.
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). As per RBI, the decline in the Foreign Currency Assets (FCA) and gold reserves is the reason for the downfall.
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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 dropped by $ 2.835 billion to $533.933 billion in the week ended April 22.
India’s reserve position in the International Monetary Fund (IMF) dipped by $ 26 million to $ 5.060 billion. India’s special drawing rights (SDRs) with the IMF fell by $ 33 million to $ 18.662 billion. The value of gold reserves dipped by $ 377 million to $ 42.768 billion.
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