India’s forex reserves deplete by over $1.80 bn

Aug 17, 2018

Mumbai: India’s foreign exchange (Forex) reserves plunged by $1.82 billion during the week ended August 10, official data showed on Friday.

According to the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves plunged to $400.88 billion from $402.70 billion reported for the week ended August 3.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — receded by $1.94 billion to $376.26 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.

However, the value of the country’s gold reserves increased by $145.6 million to $20.69 billion.

As per the data, the SDRs’ value slipped by $9.2 million to $1.46 billion, while the country’s reserve position with the IMF inched down by $9.2 million to $2.45 billion.(IANS)