Forex reserves fall by USD 4.255 billion to USD 580.299 billion

NEW DELHI: India’s foreign exchange reserves declined by USD 4.255 billion to USD 580.299 billion in the week ended March 5, according to RBI data.

In the previous week ended February 26, the reserves rose by USD 689 million to USD 584.554 billion. It had touched a record high of USD 590.185 billion in the week ended January 29, 2021.

In the reporting week ended March 5, the fall in reserves was due to a decline in the Foreign Currency Assets (FCA).

The FCA dipped by USD 3.002 billion to USD 539.613 billion, the Reserve Bank of India’s (RBI) weekly data showed.

Expressed in dollar terms, FCA includes 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 declined by USD 1.206 billion to USD 34.215 billion in the reporting week, as per the data.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell by USD 11 million to USD 1.506 billion in the reporting week.

The country’s reserve position with the IMF also declined by USD 36 million to USD 4.965 billion in the reporting week, the data showed.

Source: Press Trust of India