India’s forex reserves fall by over $2.9 bn

Mumbai, Aug 21 (IANS) India’s foreign exchange reserves declined by $2.939 billion, during the week ended August 14.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves fell to $535.252 billion from $538.191 billion reported for the week ended August 7.

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).

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $743 million to $491.550 billion.

Similarly, the value of the country’s gold reserves decreased by $2.190 billion to $37.595 billion. The SDR value slipped by $2 million to $1.479 billion.

In addition, the country’s reserve position with the IMF declined by $4 million to $4.628 billion.

–IANS

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