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India’s foreign exchange reserves decline to 3-month low

Mumbai: Foreign exchange reserves of the country declined to a 3-month low. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. As per RBI data, the forex reserves fell to $560 billion in the week ended on March 10. This is their lowest since early-December. The reserves stood at $562.40 billion in the week ended on March 3.

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.

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As per RBI data, foreign currency assets, the largest component of foreign exchange reserves, fell by $2.22 billion to $494.8 billion. The gold reserves fell $110 million to $41.92 billion. The special drawing rights fell $53 million to $18.12 billion. The country’s reserve position in the International Monetary Fund (IMF) also fell by $11 million to $5.1 billion.


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