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Forex reserves fall by $3.235 billion to $654.857 billion as foreign currency assets decline by $3.228 billion on constant selling by the Reserve Bank of India.
India’s forex reserves had hit an all-time high of $704.885 billion in end-September.
India’s foreign exchange (forex) reserves declined by $3.235 billion to $654.857 billion during the week ended December 6, according to the latest RBI data. In the previous week, the reserves had ended a multi-week decline by increasing $1.51 billion to $658.091 billion.
The forex reserves had hit an all-time high of $704.885 billion in end-September.
For the week ended December 6, foreign currency assets (FCAs), a major component of the reserves, decreased by $3.228 billion to $565.623 billion.
“Forex reserves fell by $3.235 billion to $654.857 billion as FCAs declined by $3.228 billion on constant selling by the Reserve Bank of India,” Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.
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.
Gold reserves decreased by $43 million to $66.936 billion during the week. The special drawing rights (SDRs) were up by $25 million to $18.031 billion, according to the latest RBI data released on Friday.
India’s reserve position with the IMF was also up by $12 million to $4.266 billion in the reporting week.
