India’s Forex Reserves Decline By Over $3 Billion

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Mumbai: India’s foreign exchange reserves plunged by $3.017 billion during the week ended September 25.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves decreased to $542.021 billion from $545.038 billion reported for the week ended September 18.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.523 billion to $499.941 billion.

Similarly, the value of the country’s gold reserves decreased. It declined by $1.441 billion to $35.999 billion.

Besides, the SDR value was down by $10 million to $1.472 billion.

Additionally, the country’s reserve position with the IMF declined by $43 million to $4.608 billion.

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