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Friday, October 23, 2020

Forex reserves fall $3 billion from record high to $542 billion

During the reporting week, the decline in the forex kitty was mainly due to a fall in foreign currency assets (FCAs), a major component of the overall reserves.

By: ENS Economic Bureau | New Delhi | October 4, 2020 1:21:44 am
FCAs decreased by $1.523 billion to $499.941 billion, the central bank data showed.

After touching a lifetime high in the previous week, the country’s foreign exchange reserves declined by $3.017 billion to $542.021 billion in the week ended September 25, RBI data showed on Friday. In the week ended September 18, the reserves had increased by $3.378 billion to a record $545.038 billion.

During the reporting week, the decline in the forex kitty was mainly due to a fall in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs decreased by $1.523 billion to $499.941 billion, the central bank data 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.

Gold reserves were down by $1.441 billion in the reporting week to $35.999 billion, the RBI data showed.
The special drawing rights with the International Monetary Fund (IMF) dipped by $10 million to $1.472 billion. with pti

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