India’s foreign exchange reserves plunges by over $6 bn

India’s foreign exchange reserves declined by $6.240 billion during the week ended February 5.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $583.945 billion from $590.185 billion reported for the week ended January 29.

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 $4.880 billion to $542.338 billion.

Similarly, the value of the country’s gold reserves declined, by $1.327 billion to $34.967 billion.

Besides, the SDR value stood lower by $6 million at $1.503 billion.

In addition, the country’s reserve position with the IMF decreased by $27 million to $5.138 billion.