India’s Forex reserves deplete by $956 mn

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Mumbai | April 14, 2017 7:00 PM

India's foreign exchange (Forex) reserves depleted by $956.4 million as on April 7, 2017, official data showed on Friday.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold, special drawing rights (SDRs) and the Reserve Bank of India’s position with the International Monetary Fund (IMF). (Reuters)

India’s foreign exchange (Forex) reserves depleted by $956.4 million as on April 7, 2017, official data showed on Friday. According to the Reserve Bank of India’s weekly statistical supplement, the overall Forex reserves decreased to $368.99 billion from $369.95 billion reported for the week ended March 31. India’s Forex reserves comprise of foreign currency assets (FCAs), gold, special drawing rights (SDRs) and the Reserve Bank of India’s position with the International Monetary Fund (IMF). Segment-wise, FCAs — the largest component of the Forex reserves — receded by $951 million to $345.36 billion during the week under review.

Apart from the US dollar, FCAs consist of nearly 20-30 per cent of major (non-US) global currencies. The FCAs include investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks.

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The country’s gold reserves were stagnant at $19.86 billion.

However, SDRs’ value fell by $3.1 million to $1.44 billion. The country’s reserve position with the IMF inched lower by $2.3 million to $2.31 billion.

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