India's Forex Reserve Declines By $6.24 Billion

As per the latest data released by the Reserve Bank of India (RBI), India's foreign exchange reserves declined by a massive $6.24 billion to reach $583.945 billion in the week ended 5 February.

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

In the reporting week ended 5 February, 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 $4.88 billion to $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 $1.327 billion to $34.967 billion in the reporting week.

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

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