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Forex reserves slump $12.6 m to $295.50 bn

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SummaryIndia’s foreign exchange reserves declined for the second consecutive week to $295.50 billion, down $12.6 million, in the week ended December 20

India’s foreign exchange reserves declined for the second consecutive week to $295.50 billion, down $12.6 million, in the week ended December 20, the Reserve Bank said on Friday. After five weeks of gains, courtesy a special swap window opened by RBI, the reserves had declined 192.8 million to $295.51 billion in the previous reporting week. Foreign currency assets (FCAs), which form a major part of the overall reserves, decreased by $94.7 million to $268.469 billion for the week under review, it said. During the week, the gold reserves were unchanged at $20.603 billion, the apex bank said.

During the week, the gold reserves were unchanged at $20.603 billion, the apex bank said. The special drawing rights declined by $9.1 million to $4.431 billion, while there was a $91.2 million spike in India’s reserve position with the IMF at $1.999 billion during the period, the RBI data showed.

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