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.
India’s foreign exchange reserves swelled by $3.005 billion to a lifetime high of $490.044 billion during the week ended May 22, according to the RBI’s weekly statistical supplement.
The foreign exchange reserves had stood at $487.039 billion, increased reported for the week ended May 15.
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The forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
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Foreign currency assets (FCA), a major component of the overall reserves, increased.
On a weekly basis, FCAs—the largest component of the forex reserves, edged higher by $3.035 billion to $451.706 billion, RBI 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 foreign exchange reserves.
The value of the country’s gold reserves decreased by $127 million to $32.779 billion.
Besides, the SDR value inched up by $8 million to $1.432 billion.
The country’s reserve position with the IMF increased by $89 million to $4.12 billion.
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