Forex reserves stem decline, down for third straight week

During the reporting week, the dip in the foreign exchange — or forex — kitty was on account of a decline in foreign currency assets (FCA), a vital component of the overall reserves.

The FCA dropped by $321 million to $572.86 billion, according to data from the Reserve Bank of India (RBI) released Friday.

For the third straight week, the nation’s forex reserves recorded a fall, this time by $77 million to reach $635.828 billion during the week ended December 10, as per RBI data. In the previous week ended December 3, the reserves had slid by $1.783 billion to $635.905 billion.

During the reporting week, the dip in the foreign exchange — or forex — kitty was on account of a decline in foreign currency assets (FCA), a vital component of the overall reserves.

The FCA dropped by $321 million to $572.86 billion, according to data from the Reserve Bank of India (RBI) released Friday.

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Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound sterling and Japanese yen held in the foreign exchange reserves.

The value of the gold reserves rose by $291 million by to $38.709 billion during the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) posted a decline of $37 million to reach $19.089 billion.

The country’s reserve position with the IMF also increased by $10 million to $5.17 billion, the RBI data showed.

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