India’s forex reserves down by over $613 mn

Mumbai: India’s foreign exchange (forex) reserves depleted by $613.9 million during the week ended December 14, official data showed on Friday.

According to the Reserve Bank of India (RBI)’s a weekly statistical supplement, the overall forex reserves decreased to $393.12 billion from $393.73 billion reported for the week ended December 7.

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 $631.6 million to $367.86 billion during the week ended December 14.

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

The RBI’s weekly data showed that the value of the country’s gold reserves rose by $37.2 billion to $21.187 billion.

However, the SDR value went down by $7 million to $1.45 billion, whereas the country’s reserve position with the IMF declined by $12.5 million to $2.617 billion.