foreign exchange reserves: India’s foreign exchange reserves fall by USD 897 mn in a week

The Reserve Bank of India (RBI) on Friday revealed that India’s foreign exchange reserves contracted by USD 897 million to USD 572.978 billion in the week that ended August 5.

The reserves had risen USD 2.315 billion to USD 573.875 billion in the last week ending July 29.

The fall in the foreign exchange reserves can be attributed to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.

FCA declined USD 1.611 billion to USD 509.646 billion, the data showed.

Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased USD 671 million to USD 40.313 billion in the week ended August 5.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose USD 46 million to USD 18.031 billion.

The country’s reserve position with the IMF declined USD 3 million to USD 4.987 billion in the reporting week, the data showed.

(With inputs from agencies)

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