India’s forex reserves fall by $678 mn

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India’s foreign exchange reserves fell by $678 million during the week ended January 21.

The Reserve Bank of India’s forex reserves decreased to $634.287 billion from $634.965 billion reported for January 14.

The country’s forex reserves comprises of 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 $1.155 billion to $569.582 billion. The SDR value fell by $68 million to $19.152 billion and the country’s reserve position with the IMF declined by $22 million to $5.216 billion.

However, the value of the country’s gold reserves increased by $567 million to $40.337 billion.

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