India’s forex reserves down by $2.03 billion to $617.648 billion

Continuing their downward trajectory for the third consecutive week, the country’s foreign exchange reserves declined by USD 2.03 billion to stand at USD 617.648 billion in the week ended March 25, RBI data showed on Friday.

In the week ended March 18, the forex kitty had declined by USD 2.597 billion to USD 619.678 billion. It had plunged by USD 9.646 billion to USD 622.275 billion in the week ended March 11.

During the reporting week, the fall in the reserves was mainly on account of a decline in the foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India.

FCA dropped by USD 3.202 billion to USD 550.454 billion in the week ended March 25.

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 increased by USD 1.23 billion to USD 43.241 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 44 million to USD 18.821 billion.

The country’s reserve position with the IMF also decreased by USD 14 million to USD 5.132 billion.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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