India’s forex reserves decline $727 mn
Mumbai– India’s foreign exchange reserves decreased by $727.1 million during the week ended July 26, official data showed on Friday.
According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $429.649 billion from $430.376 billion reported for the week ended July 12.
India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs – the largest component of the forex reserves – edged lower by $1.734 billion to $399.357 billion.
Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.
However, the RBI’s weekly data showed that the value of the country’s gold reserves went up by $1.025 billion to $25.330 billion.
On the other hand, the SDR value slipped by $2.8 million to $1.444 billion, whereas the country’s reserve position with the IMF declined by $15.8 million to $3.517 billion. (IANS)
