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India’s forex reserves decline by over $870 mn

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Mumbai, Jan 14 (IANS) India’s foreign exchange reserves declined by $878 million during the week ended January 7.

The Reserve Bank of India’s forex reserves decreased to $632.736 billion from $633.614 billion reported for December 31, 2021.

The country’s forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country’s reserve position with the IMF.

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $497 million to $569.392 billion. Similarly, the value of the country’s gold reserves inched down by $360 million to $39.044 billion.

Additionally, the SDR value was down by $16 million to $19.098 billion. In addition, the country’s reserve position with the IMF slipped by $5 million to $5.202 billion.

–IANS

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