Mumbai: The foreign exchange reserves of the country fell for the first time in four weeks. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.
The forex reserves declined by $1.494 billion and stood at $575.27 billion in the week ended on February 3.The reserves dropped 1.5% last week. This was its biggest drop since the week ended October 21. In the week ended on January 27, the reserves stood at $576.76 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.
The foreign currency assets decreased by $1.323 billion to reach $507.695 billion. The gold reserves declined by $246 million to reach $43.781 billion. The Special Drawing Rights (SDRs) rose by $66 million to reach $18.544 billion. The country’s reserve position with the International Monetary Fund (IMF) increased by $9 million to $5.247 billion during the reporting week.
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