India’s foreign exchange reserves fall by another $4.9 billion
The forex reserves stood at $532.664 billion at the end of the reporting week, RBI’s data showed.
This means, reserves got depleted by an unprecedented $110 billion from $642.453 billion seen on September 3 last year.
The central bank does not provide reasons behind forex reserves movement. However Governor Shaktikanta Das said last week that 57% of the dip in reserves was due to valuation changes.
Global currencies such as euro, pound and yen depreciated against dollar by as much as 13.2%, 18.2% and 18.2% in this fiscal so far, Acuite Ratings said in a report.
Out of the current reserves, foreign currency assets stood at $472.807 billion. Reserves held in gold are valued at $37.605 billion. The balance is kept with the International Monetary Fund as special drawing rights and reserves.