India’s Forex reserves down by USD 306 mn at USD 601.057 bn: RBI

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After rising for two consecutive weeks, the country’s foreign exchange reserves declined by USD 306 million to USD 601.057 billion in the week ended June 3, according to RBI data.

In the previous week, the reserves had increased by USD 3.854 billion to USD 601.363 billion. It had risen by USD 4.23 billion to USD 597.509 billion in the week ended May 20.

During the week ended June 3, the decline in the reserves was on account of a fall in Foreign Currency Assets (FCA), a major component of the overall reserves.

FCA declined by USD 208 million to USD 536.779 billion in the reporting week, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

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

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Gold reserves dipped by USD 74 million to USD 40.843 billion.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by USD 28 million to USD 18.41 billion, RBI said. The country’s reserve position with the IMF increased by USD 5 million to USD 5.025 billion in the reporting week, the data showed.

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