The country’s foreign exchange reserves dived by a hefty $2.995 billion to $277.167 billion, the Reserve Bank said on Friday. The total reserves had increased by $960.2 million to $280.162 billion last week.
Foreign currency assets, a major component of the forex reserves, dropped $2.155 billion to $249.895 billion for the week ended August 2, the Reserve Bank said.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of the non-US currencies, such as euro, pound and yen, held in the reserves.
During the week, the gold reserves dropped $808.5 million to $20.747 billion, the RBI said.
For the week under review, the special drawing rights (SDRs) were down by $21.4 million to $4.352 billion, while the country’s reserve position with the IMF also fell by $10.7 million to $2.171 billion, the RBI data showed.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.