Mumbai: The foreign exchange reserves of the country slipped down sharply. The weekly statistical supplement data released by Reserve Bank of India (RBI).
As per the data released by the apex bank, the forex reserves touched a 15-month low during the week ended July 15.This is the lowest since April 2021.
India’s forex reserves fell by $7.54 billion to $572.712 billion in the week ending July 15. It was at $580.252 billion in the prior week. India lost around $70 billion since last October and around $30 billion loss since Russia invaded Ukraine.
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). 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 fell by a $6.527-billion to $ 511.562 billion. Gold reserves fell by $830 million to $38.356 billion. The special drawing rights with the International Monetary Fund slipped by $155 million to $17.857 billion. The country’s reserve position with the IMF decreased by $29 million to $4.937 billion.