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Foreign Exchange Reserves Slip to $681.61 Billion on Drop in Currency Assets
Forex Reserves: According to Reserve Bank of India data, India's foreign exchange reserves declined by $711 million to $681.610 billion in the week ended June 5. A sharp decline in foreign currency assets was the main reason for this.
Foreign exchange reserves for India had decreased by $711 million in the week ended June 5, says the Reserve Bank of India. The decline was mainly due to a sharp reduction in foreign currency assets. The current total foreign exchange reserves have now been recorded to be $681.610 billion.
Total foreign exchange reserves in the previous week had increased by $938 million to $682.321 billion. Foreign currency assets declined by $2.704 billion to $543.444 billion during the week ended June 5. Foreign currency assets form a major component of foreign exchange reserves. When valued in dollar terms, foreign currency assets also indicate the impact of valuation changes of foreign currencies such as Euro, Pound and Yen apart from US Dollar.
Gold reserves, however, increased by $1.975 billion to $114.575 billion this week. Increase in Special Drawing Rights (SDRs) was $18 million to $18.765 billion. India’s reserve position with the International Monetary Fund (IMF) was $4.826 billion.
