Mumbai: The foreign exchange reserves of the country fell by $6.687 billion in the week ended August 19. The weekly statistical supplement data released by Reserve Bank of India (RBI) revealed this. India’s forex reserves are the fourth largest globally.
As per the RBI data, the forex reserves edged lower by $6.687 billion to $564.053 billion. This is the lowest in over two years and the third week of decline in a row. This fall is also was the largest since mid-July. India’s forex has fallen for 20 of the 26 weeks since Russia invaded Ukraine in late February. India lost around $67 billion during this period.
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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 fell $5.779 billion to $501.216 billion. The Special Drawing Rights (SDRs) decreased $146 million to $17.987 billion. The country’s reserve position with the IMF also fell $58 million to $4.936 billion. Gold reserves declined $704 million to $39.914 billion.
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