Forex reserves fall USD 113 mn to USD 479.45 bn

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After rising for the past few weeks, the country’s foreign exchange reserves declined USD 113 million to USD 479.45 billion in the week to April 24, due to a fall in foreign currency assets, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had increased by USD 3.09 billion to USD 479.57 billion.

The reserves had touched a lifetime high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion.

During 2019-20, the country’s foreign exchange reserves rose by almost USD 62 billion.

In the reporting week ended April 24, the foreign currency assets (FCAs), a major component of the overall reserves, decreased by USD 321 million to USD 441.56 billion.

Expressed in dollar terms, the FCAs 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 rose by USD 221 million to USD 32.901 billion in the reporting week, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) fell USD 6 million to USD 1.42 billion.

The country’s reserve position with the IMF also was down by USD 8 million to USD 3.57 billion during the reporting week, the data showed.

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