India’s forex reserves decline by $587 mn

Mumbai: India’s foreign exchange reserves fell by $587 million during the week ended December 24.

The Reserve Bank of India’s forex reserves decreased to $635.080 billion from $635.667 billion.

The forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country’s reserve position with the IMF.

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On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $847 million to $571.369 billion.

However, the value of the country’s gold reserves rose by $207 million to $39.390 billion. Similarly, the SDR value rose by $24 million to $19.114 billion, while the country’s reserve position with the IMF rose by $28 million to $5.207 billion.

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