India’s foreign exchange reserves declines by $778 million

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Mumbai–India’s foreign exchange reserves declined by $778 million during the week ended December 11.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $578.568 billion from $579.346 billion reported for the week ended December 4.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.042 billion to $536.344 billion.

However, the value of the country’s gold reserves increased. It rose by $284 million to $36.012 billion.

In contrast, the SDR value stood lower by $3 million at $1.503 billion, whereas the country’s reserve position with the IMF fell by $16 million to $4.709 billion. (IANS)

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