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India’s forex reserves down by $388 mn

Mumbai, Sep 27 (udaipur kiran) India’s foreign exchange reserves declined by $388 million during the week ended September 20, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves declined to $428.57 billion from $428.96 billion reported for the week ended September 13.

India’s forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs – the largest component of the forex reserves – edged lower by $125 million to $396.67 billion.

The RBI’s weekly data also showed that the value of the country’s gold reserves went down by $259 million to $26.84 billion, and the country’s reserve position with the IMF decreased by $6 million to $3.62 billion.

However, the SDR value rose by $3 million to $1.435 billion.

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