Mumbai: Foreign exchange reserves of India declined in the week ended on June 14. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. India’s forex reserves dropped by $2.922 billion to $652.895 billion during the week. In the previous reporting week, the forex reserves had jumped by $4.307 billion to $ 655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.
Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.\
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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According to the weekly statistical supplement by RBI, foreign currency assets decreased by $2.097 billion to $574.24 billion. Gold reserves decreased by $1.015 billion to $55.967 billion during the week.
The Special Drawing Rights (SDRs) were down by $54 million to $18.107 billion. India’s reserve position with the IMF was up by $245 million to $4.581 billion in the reporting week.
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