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India's Forex Reserves Down By $1.45 Billion


31 August 2019

OMMCOM NEWS


Mumbai: India's foreign exchange reserves declined by $1.45 billion during the week ended August 23, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves declined to $429.05 billion from $430.50 billion reported for the week ended August 16.

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 $1.198 billion to $397.12 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI's weekly data showed that the value of the country's gold reserves went down by $243.2 million to $26.86 billion.

Additionally, the SDR value fell by $4.5 million to $1.43 billion, while the country's reserve position with the IMF decreased by $4.2 million to $3.62 billion.

(IANS)