Sliding from a lifetime high, India's forex reserves declined by USD 4.148 billion to reach USD 603.933 billion for the week ended June 18 due to a fall in gold and currency assets, RBI data showed on Friday.
The forex kitty had surged by USD 3.074 billion to a record high of USD 608.081 billion in the previous reporting week.
The foreign currency assets (FCA), a major component of the overall reserves, declined by USD 1.918 billion to USD 561.540 billion for the reporting week, as per data by the Reserve Bank of India (RBI).
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.
After a USD 490 million rise in the previous week, the gold reserves declined by USD 2.170 billion to USD 35.931 billion, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 14 million to USD 1.499 billion.
The country's reserve position with the IMF also decreased by USD 46 million to USD 4.965 billion in the reporting week, the data showed.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU