Mumbai: The foreign exchange reserve of India fell by $7.273 billion to a near two-month low of $594.888 billion in the week ended August 18. This is the steepest weekly fall in six months. The weekly statistical supplement released by the Reserve Bank of India (RBI) revealed this. In the week that ended on August 11, the reserves had increased by $708 million to $602 billion.
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.
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The decline in the reserves was primarily due to a decrease in foreign currency assets. FCAs fell by by $6.613 billion to $527.786 billion. Gold reserves were down by $515 million to $43.824 billion. The Special Drawing Rights (SDRs) were down by $119 million to $18.205 billion. The country’s reserve position with the IMF was also down by $25 million to $5.072 billion.
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