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India’s foreign exchange reserves decline $ 4.5 billion in two weeks

Mumbai: The foreign exchange reserves of the country declined for the second week in a row. In the last two weeks, the forex reserve depreciated by $ 4.5 billion. The weekly statistical supplement released by the Reserve Bank of India’s (RBI) has revealed this.

The forex reserves slipped by $ 1.783 billion to $ 635.905 billion for the week ended December 3. In the previous week, it dipped by $ 2.713 billion.

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As per RBI, the decline in foreign currency assets (FCAs) is the reason for this depreciation of forex reserve. The foreign exchange reserves of the country comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves. FCAs slipped by $ 1.483 billion to $ 573.181billion.

The value of the country’s gold reserves also dipped by $ 407 million to $ 38.418 billion. The SDR value gained by $ 90 million to $ 19.126 billion. The country’s reserve position with the IMF surged by $ 17 million to $ 5.188 billion.

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