Mumbai: Foreign exchange reserves of India fell for the sixth consecutive week. The forex reserves touched a 10-month low in the week ended on January 10. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s foreign exchange reserves declined by $8.7 billion to $625.87 billion in the week ending January 10. In the previous week, the country’s forex reserves had dropped by $5.6 billion for the week ending January 3 and had settled at $634.58 billion.
In the previous reporting week, the overall kitty had declined by $4.112 billion to $640.279 billion. The forex reserves fell by $4.112 billion to $640.279 billion during the week ended December 27. In the previous reporting week, the overall kitty had dropped $8.5 billion to $644.39 billion. This was the biggest weekly fall in over a month. They had declined by a total of $5.2 billion in the prior two weeks.
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The forex reserves had increased to an all-time high of $704.885 billion in end-September. Foreign exchange reserves have declined by almost $80 billion since reaching an all-time high of $705 billion for the week ended September 27.
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.
The foreign currency assets (FCA) fell by $9.4 billion dollars to over $536 billion dollars during the week ended on January 10. Conversely, gold reserves were up by $792 million , totalling $67.88 billion . The Special Drawing Rights (SDRs) were down by $33 million to $17.781 billion. India’s reserve position with the IMF was down by $4 million at $4.195 billion in the reporting week
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