image

business forward

Forex reserves slide for second straight week, down $2.47 bn - The Indian Express

By: ENS Economic Bureau | New Delhi | August 29, 2021 1:24:30 am

In the reporting week, the decrease in the reserves was due to a drop in the foreign currency assets (FCAs), as per weekly data by the Reserve Bank of India (RBI).

The country’s foreign exchange reserves declined by $2.47 billion to reach $616.895 billion in the week ended August 20, RBI data showed on Friday.

In the previous week ended August 13, 2021, the reserves had declined by $2.099 billion to $619.365 billion.

In the reporting week, the decrease in the reserves was due to a drop in the foreign currency assets (FCAs), as per weekly data by the Reserve Bank of India (RBI).

FCAs declined by $3.365 billion to $573.009 billion.

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.

Gold reserves were up by $913 million to $37.249 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $3 million at $1.541 billion.

The country’s reserve position with the IMF slipped by $15 million to $5.096 billion.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines