BackForex reserves down by $504 million
Forex reserves down by $504 million
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Mumbai: India’s foreign exchange reserves fell for the second consecutive week, primarily on account of a decline in the foreign currency assets (FCA).
Reserves fell by $504 million to $306.603 billion for the week ended 25 July from $307.107 billion the previous week, RBI said in its weekly report on 1 August.
The foreign currency assets (FCA), during the week, fell by $502 million to $296.869 billion from $297.371 billion in the previous week, RBI said.
The foreign currency assets expressed in dollar terms include the effect of appreciation/depreciation of non-US currencies such as euro, sterling and yen held in reserves, RBI said.
Gold reserves and the special drawing rights in the period, remained static at $9.208 billion and $11 million respectively, the apex bank said.
India’s reserve position in the International Monetary Fund during the week, declined to $515 million from $517 million in the last week, RBI said.
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