During the end of last week, forex reserves in India dropped by USD 3.847 billion to USD 524.52 billion, according to the RBI.
The overall reserves had dropped by USD 4.50 billion to USD 528.37 billion and have been declining for a few months. Last October, the country’s forex had reached USD 645 billion.
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Foreign currency assets (FCA) have overall reserves a drop from USD 3.593 billion to USD 465.075 billion in the last week, according to the Weekly Statistical Supplement released by the RBI.
The foreign currency assets include the effect of depreciation and appreciation of non-US units named pound, yen and euro held in the foreign exchange reserves. Gold reserves saw a decline of USD 247 million in value to USD 37.206 billion, it said.
According to Apex, the Special Drawing Rights (SDRs) were up by USD 7 million to USD 17.44 billion. The country’s reserve position with the IMF was down by USD 14 million to USD 4.799 billion, as per the central bank data.
