India’s Forex reserves deplete by over $950 million

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Mumbai, Aug 3 (IANS) India’s foreign exchange (Forex) reserves plunged by $950.9 million during the week ended July 27, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves slipped to $404.19 billion from $405.14 billion reported for the week ended July 20.

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

Segment-wise, FCAs — the largest component of the Forex reserves — receded by $1.01 billion to $379.03 billion during the week under review.

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

However, the value of the country’s gold reserves increased by $61.1 million to $21.20 billion.

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As per the data, the SDRs’ value inched up by $0.3 million to $1.48 billion, while the country’s reserve position with the IMF was up by $0.5 million to $2.47 billion.

–IANS

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