The country’s foreign exchange reserves declined $897 million to $572.978 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen $2.315 billion to $573.875 billion.
In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the foreign currency assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday. FCA declined $1.611 billion to $509.646 billion, the data showed.
Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased $671 million to $40.313 billion in the week ended August 5.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose $46 million to $18.031 billion. The country’s reserve position with the IMF declined $3 million to $4.987 billion in the reporting week, the data showed.