India’s forex reserve declines by over $2 billion

Ruees vs US dollar

Mumbai, May 24 (IANS) India’s foreign exchange reserves declined by $2.057 billion during the week ended May 17, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves decreased to $417.998 billion from $420.055 billion reported for the week ended May 10.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $2.030 billion to $390.197 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves was stagnant at $23.021 billion.

However, the SDR value inched down by $9.8 million to $1.444 billion, while the country’s reserve position with the IMF was lower by $16.9 million at $3.334 billion.

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