India forex reserves dip by $70.8 million to $430.5 billion

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August 24, 2019 1:37 AM

The reserve position in the IMF fell by $10.9 million to $3.625 billion, the central bank said.

FCAs are maintained in major currencies like the dollar, euro, pound sterling and Japanese yen.

India’s foreign exchange reserves decreased by $70.8 million in the week-ended August 16 to $430.501 billion compared to the previous week, according to the data from the Reserve Bank of India (RBI). In the previous week, the reserves had increased by $1.62 billion to $430.572 billion.

Foreign currency assets (FCAs), which form a key component of reserves, fell by $412.4 million to $398.327 billion. On the other hand, gold reserves rose by $355.9 million to $27.110 billion. FCAs are maintained in major currencies like the 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 (SDRs) from the IMF decreased by $3.4 million to $1.438 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota. The reserve position in the IMF fell by $10.9 million to $3.625 billion, the central bank said.

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