Foreign exchange reserves decrease to $570 billion due to lower FCA

The country’s foreign exchange reserves fell by $2.238 billion to $570.74 billion in the week ending August 12, according to data from the Reserve Bank of India (RBI).

During the previous week ended August 5, foreign exchange reserves decreased by $897 million to $572.978 billion.

The decline in reserves in the reporting week ended August 12 was due to a decline in foreign exchange assets (FCA), a major component of overall reserves, according to the weekly statistical supplement released by RBI on Friday.

FCA fell $2.652 billion to $506.994 billion, the data showed.

Expressed in dollars, the FCA includes the effect of the appreciation or depreciation of non-US units such as the euro, the pound and the yen held in foreign exchange reserves.

Gold reserves jumped from $305 million to $40.618 billion.

Special Drawing Rights (SDRs) increased by $102 million to $18.133 billion.

The country’s reserve position with the IMF also increased by $7 million to $4.994 billion in the reporting week, the data showed.

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