India’s forex reserves decline by over $1.16 bn

Mumbai: India’s foreign exchange reserves fell by $1.169 billion during the week ended October 1.

The Reserve Bank of India’s (RBI) forex reserves declined to $637.477 billion from $638.646 billion reported for the week ended September 24.

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

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On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.280 billion to $575.451 billion.

However, the value of the country’s gold reserves rose by $128 million to $37.558 billion. On the other hand, the SDR value fell by $138 million to $19.240 billion. In contrast to SDRs, the country’s reserve position with the IMF rose by $122 million to $5.228 billion.

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