Forex reserves fall by $649 million to $429 billion

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Published: September 21, 2019 3:08:33 AM

Movement in the FCA occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Forex reserves, RBI, RBI data, Reserve Bank of India, central bank data, Gold reserves, International Monetary Fund, foreign currency assetsSpecial drawing rights (SDR) from the IMF decreased by million to .432 billion.

India’s foreign exchange reserves fell by $649 million in the week ended September 13 to $428.960 billion as compared to the previous week, according to the Reserve Bank of India (RBI) data. In the previous week, the reserves had increased by $1 billion to $429.608 billion.

Foreign currency assets (FCA), which form a key component of reserves, fell by $409 million to $396.795 billion. FCAs are maintained in major currencies like US dollar, euro, pound sterling and Japanese yen. Movement in the FCA occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Special drawing rights (SDR) from the IMF decreased by $2 million to $1.432 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota.

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