Mumbai: The foreign exchange reserves of India slipped down for second week in a row. The weekly statistical supplement released by the Reserve Bank of India’s (RBI) revealed this. The forex reserves dropped by $691 million to $562.808 billion in the week ended on December 23. The overall reserves had dropped by $571 million to $563.499 billion in the previous reporting week.
In October 2021, the country’s foreign exchange reserves reached an all-time high of $645 billion. Overall, forex reserves have declined from $632.7 billion at the beginning of this year. Between the weeks ended November 4, 2022, and December 2, 2022, the country’s foreign exchange reserves increased by $31.17 billion.
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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.
Foreign currency assets (FCA) decreased by $1.134 billion to $498.49. Gold reserves increased by $390 million to $40.969 billion. The Special Drawing Rights (SDRs) were up by $8 million to $8.19 billion. The country’s reserve position with the International Monetary Fund (IMF) was up by $45 million to $5.159 billion.
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