India's forex reserves fall by $897 million to USD 572.978 billion

80
1
India's forex reserves fall by $897 million to USD 572.978 billion

The Reserve Bank of India RBI on Friday said that India's foreign exchange reserves fell by USD 897 million to USD 572.978 billion in the week ending August 5. The reserves had gone up by USD 2.315 billion to USD 573.875 billion in the last week ending July 29. The fall in foreign exchange reserves can be attributed to a dip in the Foreign Currency Assets FCA, which is a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday. The data showed that the FCA declined from USD 1.611 billion to USD 509.646 billion. In dollar terms, the FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves. In the week ending August 5, gold reserves went from USD 671 million to USD 40.313 billion. The country's reserve position with the International Monetary Fund decreased by USD 3 million to USD 4.987 billion in the reporting week, according to the data. With inputs from agencies, the agency has provided a wide variety of inputs.