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Home Business News Forex reserves dip by $290 million to $580.84 billion - Times of...

Forex reserves dip by $290 million to $580.84 billion – Times of India

MUMBAI: After touching a record high, the country’s foreign exchange reserves declined by $290 million to $580.841 billion in the week ended December 25, Reserve Bank of India (RBI) data showed.
In the previous week to December 18, the reserves had surged by $2.563 billion to a lifetime high of $581.131 billion.
In the reporting week, the drop in reserves was on account of a fall in foreign currency assets (FCA), a major component of the overall reserves.
FCA slipped by $253 million to $537.474 billion, the RBI’s weekly data showed.
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.
The gold reserves decreased by $308 million to $36.711 billion in the week ended December 25, according to the data.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.510 billion.
The country’s reserve position with the IMF rose by $276 million to $5.145 billion.

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