DH Latest NewsDH NEWSLatest NewsNEWSBusiness

India’s forex reserve decline by $ 587 million

Mumbai: The foreign exchange reserves of the country declined by $ 587 million to $ 635.08 billion for the week ended December 24. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.

The forex reserves slipped by $ 160 million to $ 635.667 billion for the week ended December 17. India’s forex reserve touched a lifetime high of $ 642.453 billion in the week ended September 3, 2021.

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).

Also Read; ‘Good news to consumers’: Price of LPG cylinder reduced 

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 $ 847 million to $ 573.181billion.

The value of the country’s gold reserves also surged by $ 207 million to $ 39.39 billion. The SDR value gained by $ 24 million to $ 19.114 billion. The country’s reserve position with the IMF surged by $ 28 million to $ 5.207 billion.

shortlink

Post Your Comments


Back to top button