Foreign exchange reserves in the week-ended July 10 dipped by $156.90 million to $354.36 billion, according to the latest data by the Reserve Bank of India (RBI).
This is the third consecutive weekly dip in reserves after the figure touched a lifetime high of $355.46 billion in the week ended June 19. In the week ended June 26, the reserves had dipped by $237.50 million to $355.22 billion while for the week-ended July 3, the reserves fell by $704 million to $354.51 billion. According to the latest data, the foreign currency assets (FCA), which forms a key component of the reserves, dipped by $177.40 million to $329.91 billion. FCA are maintained in major currencies like US dollar, Euro, Pound Sterling, Japanese Yen, among others.
According to RBI website, the movements in the FCA occur mainly on account of purchase and sale of foreign exchange by the RBI in the foreign exchange market in India, income arising out of the deployment of the foreign exchange reserves, external aid receipts of the central government and revaluation of the assets. Gold reserves have remained constant at $19.07 billion while the special drawing rights from the International Monetary Fund (IMF) have increased by $15.50 million to $4.05 billion.
The country’s reserve position in the IMF also rose to $1.315 billion—up $5 million from the previous week.