Forex reserves drop by USD 2.415 bn to USD 576.869 bn

Mumbai: The country’s foreign exchange reserves declined by USD 2.415 billion to stand at USD 576.869 billion in the week ended April 2, RBI data showed on Friday.

In the previous week ended March 26, the reserves had decreased by USD 2.986 billion to USD 579.285 billion. The forex kitty had touched a record high of USD 590.185 billion in the week ended January 29, 2021.

In the reporting week ended April 2, 2021, the decline in the reserves was mainly on account of a fall in foreign currency assets (FCA), a major component of the overall reserves.

FCA declined by USD 1.515 billion to USD 536.438 billion, weekly data by the Reserve Bank of India (RBI) 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.

The gold reserves dropped by USD 884 million to USD 34.023 billion in the reporting week, as per the central bank data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 4 million to USD 1.486 billion.

The country’s reserve position with the IMF declined by USD 12 million to USD 4.923 billion in the reporting week, the data showed.