India’s forex reserves down by $446 Million

forex reserves of india
forex reserves of india Doallar

Mumbai, Sep 6 India’s foreign exchange reserves declined by $446 million during the week ended August 30, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves declined to $428.60 billion from $429.05 billion reported for the week ended August 23.

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 $1.12 billion to $396.005 billion.

However, the RBI’s weekly data showed that the value of the country’s gold reserves went up by $682 million to $27.55 billion.

Nonetheless, the country’s reserve position with the IMF decreased by $5 million to $3.61 billion.

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