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India’s forex reserves down $2.12 bn

India’s forex reserves down $2.12 bn

Mumbai: India’s foreign exchange (forex) reserves declined by $2.12 billion during the week ended February 8, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s the weekly statistical supplement, the overall forex reserves decreased to $398.12 billion from $400.24 billion reported for the week ended February 1.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $2.45 billion to $370.98 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves was stagnant at $22.69 billion.

The SDR value inched down by $8 million to $1.46 billion, while the country’s reserve position with the IMF rose by $337.3 million to $2.99 billion.

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