Foreign exchange reserves fall $711 million to $360 billion

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Mumbai | Published: June 4, 2016 7:11:17 AM

Foreign exchange reserves as on May 27 fell by $711.60 million from a week ago to $360.193 billion, according to data from the Reserve Bank of India.

Foreign exchange reserves as on May 27 fell by $711.60 million from a week ago to $360.193 billion, according to data from the Reserve Bank of India.

Foreign currency assets (FCAs), which form a key component of the reserves, fell by $711.90 million from the previous week to $336.227 billion. FCAs are maintained in major currencies such as dollar, euro, pound sterling, yen, etc. However, foreign exchange reserves are denominated and expressed only in US dollar.

The movements in the FCAs occurs 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 assets.

Gold reserves, however, remained unchanged at $20.043 billion. Special drawing rights (SDR) from the International Monetary Fund remained steady at $1.498 billion. SDR is an international reserve asset created by IMF and allocated to its members in proportion of the members’ quota at IMF.

The country’s reserve position in the IMF stood at $2.425 billion as on May 27, up $0.3 million from the previous week.

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