Mumbai: India’s foreign exchange (forex) reserves declined for 7th consecutive week. The forex reserves touched four-month low of $657.892 billion during the week ended November 15. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s foreign exchange (forex) reserves dropped by $17.76 billion to $657.892 billion during the week. The $657.89 billion kitty is the lowest level since July 5 this year when the reserves had stood at $657.16 billion. In the previous week ended November 8, India’s forex reserves had fallen by $6.5 billion.
Forex reserves have fallen by a total of nearly $30 billion in the last six weeks and are down by $47 billion from the record high of $704.89 billion hit in late September. In nearly a month between August 9 and September 13, India’s foreign exchange rose by 2.88 per cent from $670.119 billion to $689.458.
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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.
Gold reserves decreased by $2.068 billion to $65.746 billion during the week. The Special Drawing Rights (SDRs) were down by $94 million to $18.064 billion. India’s reserve position with the International Monetary Fund (IMF) was also down by $51 million to $4.247 billion in the reporting week.
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