India’s forex reserves decline by over $997 mn

Mumbai: India’s foreign exchange reserves fell by $997 million during the week ended September 24.

The Reserve Bank of India’s (RBI) forex reserves declined to $638.646 billion from $639.642 billion reported for the week ended September 17.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country’s reserve position with the IMF.

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.255 billion to $576.731 billion.

However, the value of the country’s gold reserves rose by $327 million to $37.430 billion.

The SDR value fell by $55 million to $19.379 billion.

In addition, the country’s reserve position with the IMF inched lower by $13 million to $5.106 billion.