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Wednesday, May 27, 2020

Forex reserves fall $113 mn to $479.45 bn

In the previous week, the reserves had increased by $3.09 billion to $479.57 billion.

By: ENS Economic Bureau | New Delhi | Published: May 2, 2020 2:11:02 am
India forex reserved, India foreign exchange reserves, india forex value, india forex surge,indian express business news Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. (Representational Image)

After rising for the past few weeks, the country’s foreign exchange reserves declined $113 million to $479.45 billion in the week to April 24, due to a fall in foreign currency assets, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had increased by $3.09 billion to $479.57 billion. The reserves had touched a lifetime high of $487.23 billion in the week to March 6, after it rose by $5.69 billion. During 2019-20, the country’s foreign exchange reserves rose by almost $62 billion.

In the reporting week ended April 24, the foreign currency assets (FCAs), a major component of the overall reserves, decreased by $321 million to $441.56 billion.

Expressed in dollar terms, the FCAs 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 rose by $221 million to $32.901 billion in the reporting week, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) fell $6 million to $1.42 billion.

With PTI

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