India’s forex reserves down $795 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s foreign exchange (forex) reserves declined by $795 million during the week ended November 23, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves decreased to $392.78 billion from $393.58 billion reported for the week ended November 16.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s position with the International Monetary Fund (IMF).

FCAs, the largest component of the forex reserves, edged-lower by $841.3 million to $367.69 billion during the week ended November 23.

Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.

However, the RBI’s weekly data showed that the value of the country’s gold reserves increased by 36.6 million to $20.99 billion.

Further, the SDR value was higher by $3.5 million to $1.457 billion, while the country’s reserve position with the IMF increased by $6.2 million to $2.63 billion.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow