Forex reserves down to $601.057 billion

MUMBAI: After rising for two consecutive weeks, the country’s foreign exchange reserves declined by $306 mn to $601.057 bn in the week ended June 3, according to RBI data. In the previous week, the reserves had increased by $3.854 billion to $ 601.363 bn. It had risen by $ 4.23 bn to $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 $208 mn to $ 536.779 bn in the reporting week, according to the Weekly Statistical Supplement released by the RBI on Friday. 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. Gold reserves dipped by $ 74 mn to $ 40.843 billion.

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