India’s forex reserves saw steepest weekly decline in over 11 months
India's foreign exchange reserves declined by USD 8.319 billion to USD 566.948 billion in the week ending on February 10, according to the Reserve Bank of India's latest data.
The country’s forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion in the week ended September 8 on account of rise in foreign currency assets, RBI data showed today.
In the previous week, the reserves had increased by $3.572 billion to $398.122 billion.
The foreign currency assets (FCAs), a major component of the overall reserves, increased by $2.568 billion to $376.209 billion for the reporting week, according to data by the Reserve Bank of India (RBI).
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Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollar currencies, such as the euro, the pound and the yen held in the reserves.
The gold reserves remained unchanged at $20.691 billion.
The special drawing rights with the International Monetary Fund (IMF) increased by $14.2 million to $1.520 billion, the apex bank said.
The country’s reserve position with the IMF also increased by $21.4 million to $2.304 billion, it said.
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