India’s forex reserves slide by over $2.47 bn


India’s foreign exchange reserves fell by $2.470 billion, during the week ended August 20.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves decreased to $616.895 billion from $619.365 billion reported for the week ended August 13.

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 $3.365 billion to $573.009 billion.

However, the value of the country’s gold reserves rose by $913 million to $37.249 billion.

On the other hand, the SDR value slipped by $3 million to $1.541 billion.

In addition, the country’s reserve position with the IMF decreased by $15 million to $5.096 billion.