Foreign Exchange reserves continue to decline
By MYBRANDBOOK
Data from the Reserve Bank of India (RBI) showed that the country’s forex reserves saw another massive fall, as they fell by $5.22 billion to $545.65 billion. The fall in the reserves was due to a dip in the foreign currency assets (FCA), a major component of the overall reserves.
The FCA fell by $4.69 billion to $ 484.90 billion. The FCA includes the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the forex reserves. The value of the gold reserves decreased by $458 million to $38.186 billion, the data showed. The special drawing rights were lower by $32 million to $17.686 billion.
The country’s reserve position with the International Monetary Fund (IMF) was down by $31 million to $4.88 billion in the reporting week. Currency experts said much of the decline would be due to the central bank intervening in the currency market to prevent the rupee from depreciating more sharply against the US dollar.
The RBI has been plunging into the reserves to deploy dollars in the currency market, amidst volatility caused by a strengthening dollar. Experts estimate the central bank has sold around $35 billion in the currency markets since April.
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