India’s foreign exchange reserves slide by over $2.47 Billion

India's foreign exchange reserves fell by $2.470 billion, during the week ended August 29

During the week ending August 20, India’s foreign exchange reserves dropped by $2.470 billion.

According to the Reserve Bank of India’s (RBI) weekly data supplement, reserves fell to $616.895 billion for the week ended August 13 from $619.365 billion.

FCAs, the most significant component of forex reserves, fell $3.365 billion to $573.009 billion every week. Foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India’s reserve position with the International Monetary Fund (IMF) make up India’s FX reserves (IMF).

The country’s gold reserves, on the other hand, increased by $913 million to $37.249 billion. The SDR value, on the other hand, fell by $3 million to $1.541 billion.

In addition, the country’s reserve position with the International Monetary Fund (IMF) fell by $15 million to $5.096 billion.