India’s foreign exchange reserves decreased by $4.924 billion to $780.782 billion for the week ending Sept 11, driven by falls in foreign currency and gold reserves, as per RBI data.
Key Points
- India’s forex reserves dropped by USD 4.924 billion to USD 780.782 billion for the week ended September 11.
- The decline was primarily attributed to a fall in foreign currency assets and gold reserves.
- Foreign currency assets decreased by USD 2.372 billion, while gold reserves fell by USD 2.591 billion.
- Special Drawing Rights (SDRs) and India’s reserve position with the IMF saw minor changes during the week.
Mumbai, Sep 18 (PTI) India’s forex reserves dropped by USD 4.924 billion to USD 780.782 billion during the week ended September 11 due to a fall in foreign currency and gold reserves, according to the RBI data released on Friday.
In the previous reporting week, forex reserves jumped by a record USD 44.903 billion to a new lifetime high of USD 785.706 billion.
For the week ended September 11, foreign currency assets, a major component of reserves, fell by USD 2.372 billion to USD 645.796 billion, the central bank data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
The value of gold reserves fell by USD 2.591 billion to USD 111.225 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up USD 39 million to USD 18.845 billion, the apex bank said.
India’s reserve position with the IMF stood at USD 4.916 billion in the reporting week, according to the apex bank’s data.
money.rediff.com