Lagatar24 Desk
New Delhi,Feb 19: The Reserve Bank of India’s (RBI) new data indicated that the country’s foreign exchange reserves declined by $1.76 billion to $630.19 billion in the week ended February 11 due to a steep drop in the value of foreign currency assets.
According to the RBI’s weekly statistics supplement, foreign currency assets, the largest component of forex reserves, fell by $2.764 billion to $565.565 billion during the week under review.
The effect of appreciation or depreciation of non-dollar currencies held in foreign exchange reserves, such as the Euro, the British Pound Sterling, and the Japanese Yen, is included in the foreign currency assets in dollar terms.
The reserve position of India at the International Monetary Fund (IMF) has decreased by $16 million to $5.217 billion.
However, the value of gold reserves and special drawing rights increased dramatically at the same period (SDRs). During the week under review, gold reserves increased by $952 million to $40.235 billion.
The value of India’s SDRs with the IMF increased by $65 million to $19.173 billion.
