Forex reserves dip by USD 5.87 bn to USD 590.588 bn

The country’s foreign exchange reserves declined by USD 5.87 billion to USD 590.588 billion in the week ended on June 17, the RBI data showed.

In the previous week ended on June 10, the reserves had dropped by USD 4.599 billion to USD 596.458 billion.

In the reporting week, the forex reserves fell due to a dip in foreign current assets (FCAs), a major component of the overall reserves, and also in gold reserves, the data showed.

FCA decreased by USD 5.362 billion to USD 526.882 billion, according to the Weekly Statistical Supplement, released by the Reserve Bank of India (RBI) on Friday.

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 fell by USD 258 million to USD 40.584 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dropped by USD 233 million to USD 18.155 billion in the week ended June 17.

The country’s reserve position with the IMF also dipped by USD 17 million to USD 4.968 billion in the reporting week, the data showed.

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