India’s Forex reserves deplete by 1.75 billion USD

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves declined to 406.05 billion USD from 407.81 USD billion reported for the week ended June 22.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs -- the largest component of the Forex reserves -- decreased by 1.78 billion USD to 380.71 billion USD during the week under review. 

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. 

As per the data, the value of the country’s gold reserves rose by 38 million USD to 21.36 billion USD.

The SDRs’ value inched down by 5.2 million USD to 1.48 billion USD, while the country’s reserve position with the IMF slipped by 8.7 million USD to 2.48 billion USD.