India's forex reserve declines by $6. 24 billion
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Business oi-Olga Robert Published: Saturday, February 13, 2021, 9:56 [IST] Share This Article As per the latest data released by the Reserve Bank of India (RBI), India's foreign
exchange reserves declined by a massive $6.24 billion to reach $583.945 billion in the week ended 5 February. In the previous week, the reserves had touched a record high of $590.185 billion
after rising by $4.852 billion. In the reporting week ended 5 February, the decline in the forex kitty was mainly on account of a fall in foreign currency assets (FCAs), a major component
of the overall reserves. FCAs decreased by $4.88 billion to $542.338 billion, weekly data from the Reserve Bank of India (RBI) 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 gold reserves decreased by $1.327 billion to
$34.967 billion in the reporting week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $6 million to $1.503 billion. The country's reserve
position with the IMF also declined by $27 million to $5.138 billion in the reporting week, as per the data. Share This Article Story first published: Saturday, February 13, 2021, 9:56 [IST]
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