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Foreign exchange reserves of India slips down

Data released by the Reserve bank of India has revealed that the India’s foreign exchange reserves had slipped down. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.

As per the data, the forex reserve has slipped down US dollar 469 million during the week ending 27 November to US dollar 574.821 billion. The forex reserves fell to US dollar 574.821 billion from US dollar 575.290 billion.

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).

Foreign currency assets (FCAs) is the largest component of the forex reserves. Foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. It is expressed in dollar terms. The FCAs, edged higher by US dollar 352 million to US dollar 533.455 billion.

The value of the country’s gold reserves declined by US dollar 822 million to US dollar 35.192 billion. India ‘reserve position with the IMF also declined by US dollar 1 million to US dollar 4.679 billion, while India’s special drawing rights with the IMF rose marginally by US dollar 2 million to US dollar 1.494 billion.

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