India’s forex reserves decline by over $1 bn

India’s foreign exchange reserves fell by $1.340 billion during the week ended September 10.

The Reserve Bank of India’s (RBI) forex reserves declined to $641.113 billion from $642.453 billion reported for the week ended September 3.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country’s reserve position with the IMF.

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $934 million to $578.879 billion.

Similarly, the value of the country’s gold reserves declined by $413 million to $37.669 billion.

However, the SDR value inched up by $1 million to $19.438 billion.

In addition, the country’s reserve position with the IMF rose by $5 million to $5.127 billion.