Mumbai: The foreign exchange (forex) reserves of the country touched the lowest level in almost two years. The weekly statistical supplement data released by Reserve Bank of India (RBI) revealed this. The forex reserves dipped by $7.941 billion to $553.105 billion for the week ended September 2.
This is the fifth weekly fall in the forex reserves. The forex reserves had dipped by $3.007 billion for the week ended August 26 and by $6.687 billion in the previous week. India’s forex has fallen for 22 of the 28 weeks since Russia invaded Ukraine in late February. India lost around $77 billion during this period. It has fallen more than $87 billion from its peak in late October last year. India’s forex reserves are the fourth largest globally.
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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.
FCAs fell by $6.527 billion to $492.117 billion in the week ended September 2. The foreign currency assets had declined by $2.571 billion and $5.779 billion in the previous two weeks respectively.
The value of gold reserves dipped by $1.339 billion to $38.303 billion. The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund declined by $50 million to $17.782 billion. India’s reserve position in the International Monetary Fund (IMF) declined by $24 million to $4.902 billion.
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