Forex reserves fall to over 7-month-low, current account deficit moderates: RBI
The foreign exchange reserves fell for a third consecutive week as of December 20, data from the Reserve Bank of India said on Friday.
Country’s foreign exchange reserves surged by $3.623 billion touch hit $538.191 billion mark in the week ended August 7, RBI data showed.
According to the Reserve Bank of India’s weekly statistical supplement, the reserves stood at $534.568 billion for the week ended July 31.
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India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
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FCA was up by $1.464 billion to $492.293 billion in the reporting week, the central bank data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the reserves.
Similarly, the value of the country’s gold reserves increased, but by $2.160 billion to $39.785 billion. The SDR value inched up by $6 million to $1.481 billion.
However, the country’s reserve position with the IMF declined by $7 million to $4.632 billion.
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