India’s foreign exchange reserves decline by $469 mn

MUMBAI: India’s foreign exchange reserves declined $469 million during the week ended November 27. According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $574.821 billion from $575.290 billion reported for the week ended November 20.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). However, on a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $352 million to $533.455 billion.

In contrast, the value of the country’s gold reserves decreased by $822 million to $35.192 billion. The SDR value inched up $2 million at $1.494 billion, whereas the country’s reserve position with the IMF slipped by $1 million to $4.679 billion.