India’s forex reserves decline by over $2 bn

The country's reserve position with the IMF declined by $16 million to $4.264 billion.

MUMBAI: India’s foreign exchange reserves fell by $2.078 billion during the week ended June 19.

According to the RBI’s weekly statistical supplement, the overall forex reserves decreased to $505.566 billion from $507.644 billion reported for the week ended June 12.

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 $1.698 billion to $467.039 billion.

Similarly, the value of the country’s gold reserves decreased. It fell by $358 million to $32.815 billion.

Besides, the SDR value slipped by $6 million to $1.447 billion.

The country’s reserve position with the IMF declined by $16 million to $4.264 billion.

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