Mumbai: India’s foreign exchange reserves declined by $1.713 billion to $651.997 billion for the week ending June 28. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the preceding week, the overall reserves had dropped by $2.922 billion. India’s forex reserves had touched an all-time high of $655.817 billion as on June 7 this year.
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.
Also Read: Indian Railways launches special train services from Bengaluru: Details
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.
Gold reserves saw a reduction of $427 million during the week ended June 28, settling at $56.528 billion. Special Drawing Rights (SDRs)decreased by $35 million to $18.014 billion.Foreign Currency Assets (FCAs) decreased by $1.252 billion to $572.881 billion. India’s reserve position with the International Monetary Fund (IMF) increased by $1 million, reaching $4.573 billion.
Post Your Comments