Mumbai: The foreign exchange reserves of the country fell by $3.007 billion in the week ended August 26. 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 $3.007 billion to $561.046 billion. This is the fourth week of decline in a row. India’s forex has fallen for 21 of the 27 weeks since Russia invaded Ukraine in late February. India lost around $70 billion during this period. It has fallen more than $80 billion from its peak in late October last year.
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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 by $2.571 billion to $498.645 billion. Gold reserves decreased by $271 million to $39.643 billion. The Special Drawing Rights (SDRs) dropped by $155 million to $17.832 billion. The country’s reserve position with the IMF also dipped by $10 million to $4.926 billion.
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