New Delhi: India’s foreign exchange (forex) reserves declined in the week ended on August 9. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per RBI data, India’s forex reserves dropped by $4.8 billion to $670.119 billion for the week ended August 9. In the previous reporting week, forex reserves jumped by $7.533 billion to an all-time high of $674.919 billion. The overall kitty had dropped by $3.471 billion to $667.386 billion in the previous reporting week ended July 26. The previous record high was $670.857 billion, reached on July 18. The forex reserves have been rising on and off for a long time now. So far, in 2024, they have risen by about $45-50 billion on a cumulative basis.
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.
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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.
For the week ended August 9, foreign currency assets, decreased by $4.079 billion to $587.96 billion. Gold reserves declined by $860 million to $59.239 billion during the week. The Special Drawing Rights (SDRs) were up by $121 million to $18.282 billion. India’s reserve position with the IMF increased by $18 million to $4.638 billion in the reporting week.
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