According to Reserve Bank data released on Friday, India’s foreign exchange reserves fell by $1.425 billion to $631.527 billion for the week ending February 25 due to a decline in foreign currency assets. In the previous reporting week, total reserves increased by $2.762 billion to $632.952 billion. Foreign currency assets (FCA) fell $2.228 billion to $564.832 billion in the reporting week.
Special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $122 million to $19.04 billion, the RBI said. The country’s reserve position with the IMF also fell by $34 million to $5.187 billion in the reporting week, the data showed.
Expressed in dollars, foreign currency holdings include the effect of the appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves. The value of gold reserves continued its northward journey and rose by $958 million to $42.467 billion in the reporting week, the data showed.
Summary of news:
- Due to a decline in foreign currency holdings, India’s foreign exchange reserves fell by $1.425 billion.
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