Forex update: India’s reserves fall $6.9 bn to $695.35 bn; gold and foreign currency assets decline
In the previous reporting week, overall reserves had risen by $4.50 billion to reach $702.28 billion, PTI reported.The RBI data showed that foreign currency assets (FCA), the largest component of the forex kitty, declined by $3.86 billion to $566.55 billion in the week ended October 24.
Expressed in dollar terms, the FCA includes the impact of appreciation or depreciation of non-US currencies such as the euro, pound and yen.The value of gold reserves dropped by $3.01 billion to $105.54 billion during the week, while the Special Drawing Rights (SDRs) decreased by $58 million to $18.66 billion, the data showed.India’s reserve position with the International Monetary Fund (IMF) rose slightly by $6 million to $4.61 billion in the reporting week, the RBI said.
