India’s Forex reserves plunge by $2.25 bn

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Mumbai, June 29 (IANS) India’s foreign exchange (Forex) reserves plunged by $2.25 billion as on June 22, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves declined to $407.81 billion from $410.07 billion reported for the week ended June 15.

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 — decreased by $2.83 billion to $382.49 billion during the week under review.

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

As per the data, the value of the country’s gold reserves rose by $102.9 million to $21.33 billion.

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The SDRs’ value inched up by $0.5 million to $1.49 billion, while the country’s reserve position with the IMF increased by $475.6 million to $2.49 billion.

–IANS

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