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India’s foreign exchange reserves fall by $ 2.03 billion

Mumbai: The foreign exchange reserves of the country slipped down   by $ 2.03 billion to $ 617.648 billion for the week ended March 25.  The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. This is for the third week in a row that the forex reserve suffered a decline.  The sharp decline in foreign currency assets is the main reason for this. The forex reserves had slipped by $2.597 billion and $9.646 billion in the previous two weeks, respectively.

The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). As per the RBI, the decrease was due to a sharp drop in the value of foreign currency assets of the country

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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. FCA declined by $ 3.202 billion to $ 550.454 billion.

India’s reserve position in the International Monetary Fund (IMF) dropped by $ 14 million to $ 5.132 billion. The value of gold reserves surged by $ 1.23 billion to $ 43.241 billion. India’s special drawing rights (SDRs) with the IMF slipped down by $ 44 million to $ 18.821 billion.

 

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