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India's Forex Reserve Falls For The First Time Since 24 April

By Staff

After touching a lifetime high of $505.566 billion in the week ended 19 June, India's foreign exchange reserves down by $2.078 billion from the previous week, according to the RBI data. The forex reserves declined for the first time since 24 April when the assets dropped by $113 million to $479.455 billion. Between 24 April and 12 June, forex reserves had grown by $28.189 billion.

India's Forex Reserve Falls For The First Time Since 24 April

In the week ended 12 June, the reserves had increased by $5.942 billion to touch a record high of $507.644 billion.

The reserves had crossed the half-a-trillion mark for the first time in the week ended 5 June after surging by a massive $8.223 billion and reached $501.703 billion.

In the week ended 19 June, the reserves had declined due to the fall in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA decreased by $1.698 billion to $467.039 billion in the reporting week, the RBI data 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.

Gold reserves in the reporting week dipped by $358 million to $32.815 billion, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) were down by $6 million to $1.447 billion.

The country's reserve position with the IMF also reduced by $16 million to $4.264 billion during the reporting week, the data showed.

Read more about: forex
Story first published: Saturday, June 27, 2020, 10:05 [IST]
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