Mumbai: The foreign exchange reserves of India dropped by $329 million to $578.449 billion for the week ended March 31. The weekly statistical supplement released by the Reserve Bank of India revealed this. The forex reserves surged in the previous two reporting weeks and rose by $5.977 billion to $578.778 billion for the week ended March 24.
In this fiscal, the forex reserves have dropped by $28.86 billion. The country’s forex kitty had reached an all-time high of $645 billion in October 2021.
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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.
The foreign currency assets decreased by $36 million to $509.691 billion. Gold reserves decreased by $279 million to $45.20 billion. The Special Drawing Rights (SDRs) were down by $27 million to $18.392 billion. The country’s reserve position with the IMF was up by $14 million to $5.165 billion in the reporting week.
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