India’s forex reserves fall by over $1.58 bn

India’s foreign exchange reserves declined by $1.581 billion, during the week ended July 23.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves decreased to $611.149 billion from $612.730 billion reported for the week ended July 16.

India’s forex reserves comprise 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 $1.120 billion to $567.628 billion.

Similarly, the value of the country’s gold reserves fell by $499 million to $36.884 billion.

The SDR value slipped by $3 million to $1.546 billion.

In addition, the country’s reserve position with the IMF inched lower by $9 million to $5.091 billion.