India's forex reserves slide to 15-month low

India's foreign exchange reserves declined by $8.062 billion to a 15-month low of $580.252 billion in the week ended 8 July 2022, according to the Reserve Bank of India's Weekly Statistical Supplement released on Friday, 15 July 2022.

During the reporting week ended 8 July 2022, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.

FCA was down by $6.656 billion to $518.089 billion in the reporting week. FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

 

Gold reserves fell by $1.236 billion to $39.186 billion.

In the reported week, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by $122 million to $18.012 billion.

The country's reserve position with IMF decreased by $49 million to $4.966 billion in the reporting week, the RBI data showed.

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