Mumbai: The foreign exchange reserves of the country declined by $678 million to $634.28 billion for the week ended January 21. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this.
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).
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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 $1.115 billion to $569.582 billion
The value of India’s special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $68 million to $19.152 billion. The country`s reserve position with the IMF also slipped by $22 million to $5.216 billion. The value of the country’s gold reserves surged by $567 million to $40.337 billion.
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