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India’s foreign exchange reserves fall for 8th week in a row

Mumbai: The foreign exchange (forex) reserves of India slipped down for the 8th week in a row. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. As per the data released by the RBI, forex reserves dropped by $ 2.695 billion to $ 597.73 billion in the week ending April 29.

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).

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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 down by $ 1.110 billion to $ 532.82 billion.

Gold reserves dipped by $ 1.164 billion to $ 41.60 billion. India’s special drawing rights (SDRs) with the IMF fell   by  $ 362 million to  $ 18.3 billion. The country’s reserve position in IMF dipped by $ 59 million to $ 5.001 billion

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