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India's foreign exchange reserves drop by $573.5 million to $ 319.9 billion |
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MUMBAI: After rising for eight consecutive weeks, India's foreign exchange reserves declined by $ 573.5 million to $ 319.99 billion in the week to August 1 on the back of a major drop in foreign currency assets.
In the previous week, the reserves had surged $2.714 billion to $ 320.564 billion.
Foreign currency assets (FCAs), a major constituent of the overall reserves, dipped $ 1.09 billion to $292.69 billion for the week ended August 1, the Reserve Bank said in its weekly statement here today.
FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in reserves.
After remaining steady for many weeks, the gold reserves rose $ 538.9 million to $21.173 billion in the reporting week.
The special drawing rights were down $ 15.5 million to $ 4.422 billion, and India's reserve position with the IMF dipped $ 5.9 million to $ 1.701 billion during the week, the apex bank added.
Source : economictimes.indiatimes.com
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