India’s Forex reserves down by USD 306 mn at USD 601.057 bn: RBI

After rising for two consecutive weeks, the country’s foreign exchange reserves fell by $306 million to $601.057 billion in the week ended June 3, according to the data of the Reserve Bank of India.

In the previous week, reserves increased by $3.854 billion to $601.363 billion. It rose by $4.23 billion to $597.509 billion in the week ending May 20.

During the week ending June 3, the decline in reserves was due to a decline in foreign currency assets (FCA), a major component of total reserves.

The FCA fell by $208 million to $536.779 billion in the reporting week, according to the weekly statistical supplement released by the Reserve Bank of India (RBI) on Friday.

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Expressed in dollars, the FCA includes the effect of an increase or decrease in the value of non-US units such as the euro, pound, and yen held in foreign exchange reserves.

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Gold reserves decreased by $74 million to $40.843 billion.

The Reserve Bank of India said its Special Drawing Rights (SDRs) with the International Monetary Fund fell by $28 million to $18.41 billion. The data showed that the country’s reserve position with the International Monetary Fund rose by 5 million US dollars to 5.025 billion US dollars in the reporting week.

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