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Mumbai: The country’s foreign exchange reserves declined by $2.47 billion to $616.895 billion in the week ended August 20.
In the previous week ended August 13, 2021, reserves declined by US$ 2.099 billion to US$ 619.365 billion. The forex kitty touched an all-time high of USD 621.464 billion in the week ended August 6, 2021.
In the week under review, there was a decline in foreign currency assets (FCA), a major component of the overall reserves, according to weekly data from the Reserve Bank of India (RBI).
FCAs declined by USD 3.365 billion to USD 573.009 billion.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
The data showed that gold reserves rose by USD 913 million to USD 37.249 billion in the reporting week.
The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by USD 3 million to USD 1.541 billion.
The country’s reserve position with the IMF decreased by USD 15 million to USD 5.096 billion.
read also: Why hoarding of forex reserves by RBI on currency concerns would be counter-productive
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