Forex Reserves down USD 3.271 BN to 600.423 bn says RBI

Mumbai :  The country’s foreign exchange reserves decreased by USD 3.271 billion to USD 600.423 billion in the week ended April 22, RBI data showed.

In the previous week, the reserves had declined by USD 311 million to USD 603.694 billion.

During the reporting week, the fall in the reserves was on the account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed.

FCA dropped by USD 2.835 billion to USD 533.933 billion in the week ended April 22.

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 declined by USD 377 million to USD 42.768 billion in the reporting week, according to the data.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 33 million to USD 18.662 billion, RBI said.

The country’s reserve position with the IMF decreased by USD 26 million to USD 5.060 billion in the reporting week, as per the data.