Forex reserves dip by $290 mn to $580.84 bn

After touching a record high, the country’s foreign exchange reserves declined by USD 290 million to USD 580.841 billion in the week ended December 25, RBI data showed.

In the previous week to December 18, the reserves had surged by USD 2.563 billion to a lifetime high of USD 581.131 billion.

In the reporting week, the drop in reserves was on account of a fall in foreign currency assets (FCA), a major component of the overall reserves.

FCA slipped by USD 253 million to USD 537.474 billion, the Reserve Bank of India‘s (RBI) weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves decreased by USD 308 million to USD 36.711 billion in the week ended December 25, according to the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 4 million to USD 1.510 billion.

The country’s reserve position with the IMF rose by USD 276 million to USD 5.145 billion.

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