India’s Forex Reserves Fall By $1.76 Billion To $630.19 Billion

India’s forex reserves fell during the week ending February 11

Mumbai (Maharashtra):

Foreign exchange reserves of the country fell by $1.76 billion to $630.19 billion in the week ending February 11 due to a sharp drop in the value of foreign currency assets, the Reserve Bank of India (RBI) data showed.

Foreign currency assets, which is the biggest component of the forex reserves, slumped by $2.764 billion to $565.565 billion during the week under review, according to the RBI’s weekly statistical supplement.

In dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.

India’s reserve position in the International Monetary Fund (IMF) dropped by $16 million to $5.217 billion.

At the same time though, there was a sharp rise in the value of gold reserves and special drawing rights (SDRs). The value of gold reserves jumped by $952 million to $40.235 billion during the week under review.

India’s SDR value with the IMF rose by $65 million to $19.173 billion.