Foreign exchange reserves decline by $6.24 billion to $583.94 billion

The country's foreign exchange reserves declined by a massive $6.24 billion in the week ended February 5

The country's foreign exchange reserves declined by a massive USD 6.24 billion to reach USD 583.945 billion in the week ended February 5, RBI data showed on Friday.

In the previous week, the reserves had touched a record high of USD 590.185 billion after rising by USD 4.852 billion.

In the reporting week ended February 5, the decline in the forex kitty was mainly on account of a fall in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs decreased by USD 4.88 billion to USD 542.338 billion, weekly data from the Reserve Bank of India (RBI) showed.

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

The gold reserves decreased by USD 1.327 billion to USD 34.967 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 6 million to USD 1.503 billion.

The country's reserve position with the IMF also declined by USD 27 million to USD 5.138 billion in the reporting week, as per the data.