News Karnataka
Tuesday, February 27 2024

India’s foreign exchange reserves fall to $572.98bn

Foreign exchange reserves fall to 57298bn in week ending Aug 5
Photo Credit : IANS

Mumbai: India’s foreign exchange reserves fell $897 million to $572.978 billion in the week ended August 5, according to the Reserve Bank of India’s (RBI) bulletin weekly statistical supplement.

The fall was witnessed after it rose during the week ending July 29 after falling for the four consecutive weeks earlier.

The fall in this week has witnessed due to decline in foreign currency assets by $1.611 billion to $509.646 billion.

Foreign Currency Assets (FCA) that is the most important component of the RBI’s foreign exchange reserve are the assets like US Treasury Bills bought by the RBI using foreign currencies.

The FCA is the largest component of the forex reserve.

Meanwhile, however, gold reserves increased $671 million to $40.313 billion in the week ended August 5.

The Special Drawing Rights (SDRs) rose $46 million to $18.031 billion.

The country’s reserve position with the IMF declined $3 million to $4.987 billion in the reporting week, the data showed.

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