New Delhi: 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 22. This is the lowest since April 2021.
India’s forex reserves fell by $1.152 billion to $571.56 billion in the week ending July 22. It was at $572.712 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 $1.426 billion to $510.136 billion. Gold reserves fell by $145 million to $38.502 billion. The special drawing rights with the International Monetary Fund slipped by $106 million to $17.963 billion. The country’s reserve position with the IMF decreased by $23 million to $4.96 billion.