MUMBAI, FEB. 10
The country’s foreign exchange reserves declined by USD 595.2 million to USD 295.15 billion in the week ended February 1 due to a reduction in the core currency and gold assets, the Reserve Bank said today. The reserves were up USD 77.6 million to USD 295.75 billion in the previous reporting week. The foreign currency assets (FCAs), a major component of the reserves, were down by USD 385.5 million to USD 261.323 billion in the week under review, according to RBI’s weekly statistical supplement.
FCAs, expressed in dollar terms, include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen, held in the reserves. After remaining unchanged for weeks, gold reserves were down by USD 244.9 million to USD 26.975 billion during the week, the apex bank said. The special drawing rights (SDRs) were up by USD 22.9 million to USD 4.457 billion, while India’s reserve position with the IMF was also up by USD 12.3 million to USD 2.399 billion, the RBI data showed. (Source: Tecoya Trend)