India’s Forex Reserves Declined USD 915 Million During Early October

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India’s foreign exchange (Forex) reserves declined $915.8 million during the week ended October 5, RBI data showed.

According to the central bank’s weekly statistical supplement, the overall forex reserves decreased to $399.60 billion from $400.52 billion reported for the week ended September 28.

India’s forex reserves comprise 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 — plunged by $1.01 billion to $375.23 billion during the week under review.

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

However, the RBI’s weekly statistical supplement showed that the value of the country’s gold reserves increased. It went up by $107.3 million to $20.45 billion.

As per the data, the SDRs’ value fell by $4.3 million to $1.46 billion, while the country’s reserve position with the International Monetary Fund (IMF) decreased by $7.2 million to $2.46 billion.

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