Mumbai: Foreign exchange reserves of the country fall to 3-month low in the week ended on February 24. The forex reserves are edging lower for the fourth straight. Forex reserves stood at $560.94 billion. The weekly statistical supplement released by Reserve Bank of India (RBI) showed this.
The reserves were down by $325 million to $560.942 billion. In the previous reporting week, the overall reserves had declined $5.68 billion to $561.267 billion. India’s forex reserves reached an all-time high of $645 billion in October 2021.
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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 $166 million to $495.906 billion. Gold reserves decreased for the fourth week and were down $66 million to $41.751 billion. The Special Drawing Rights (SDRs) also fell $80 million to $18.187 billion. The country’s reserve position with the IMF was down $12 million to $5.098 billion.
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