Forex reserves down by $595 mn to $295 bn
Mumbai: The country’s foreign exchange reserves declined by $595.2 million to $295.15 billion in the week ended February 1 due to a reduction in the core currency and gold assets, the Reserve Bank of India (RBI) said today. The reserves were up $77.6 million to $295.75 billion in the previous reporting week. The foreign currency assets (FCAs), a major component of the reserves, were down by $385.5 million to $261.323 billion in the week under review, according to RBI’s weekly statistical supplement.
The FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in the reserves. After remaining unchanged for weeks, gold reserves were down by $244.9 million to $26.975 billion during the week, the apex bank said. The special drawing rights (SDRs) were up by $22.9 million to $4.457 billion, while India’s reserve position with the IMF was also up by $12.3 million to $2.399 billion, the RBI data showed.