India's foreign exchange reserves drop by $2.4 billion to $576.8 billion

The country's foreign exchange reserves declined by USD 2.415 billion to stand at USD 576.869 billion in the week ended April 2, RBI data showed on Friday.

The country's foreign exchange reserves declined by $2.415 billion to stand at $576.869 billion in the week ended April 2, RBI data showed on Friday.

In the previous week ended March 26, the reserves had decreased by $2.986 billion to $579.285 billion. The forex kitty had touched a record high of $590.185 billion in the week ended January 29, 2021.

In the reporting week ended April 2, 2021, the decline in the reserves was mainly on account of a fall in foreign currency assets (FCA), a major component of the overall reserves.

FCA declined by $1.515 billion to $536.438 billion, weekly data by 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 dropped by $884 million to $34.023 billion in the reporting week, as per the central bank data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $4 million to $1.486 billion.

The country's reserve position with the IMF declined by $12 million to $4.923 billion in the reporting week, the data showed.