India’s foreign reserves down by near $93 mn

Mumbai: India’s foreign exchange (forex) reserves went down by $92.8 million to $296.53 billion for the week ended Dec 21, data released by the Reserve Bank of India (RBI) showed.

The reserves had gone up by $1.63 billion to $296.63 billion for the week ended Dec 14.

The foreign currency assets (FCA) – the biggest component of the forex reserves – decreased by $169.9 million at $261.94 billion, according to the weekly statistical supplement released by the RBI.

The FCA was up $1.61 billion to $262.11 billion in the previous week.

The central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

Gold reserves value remained the same at $27.80 billion. The value had dipped by $386.2 million in the week ended Nov 30. The value had remained unchanged at $28.18 billion since the week ended Nov 2, when the value of gold reserves rose by $56.4 million.

The special drawing rights (SDRs) increased by $15.8 million to $4.45 billion during the week under review, while reserves with the International Monetary Fund (IMF) were up by $61.3 million to $2.33 billion.

The SDRs had increased by $15.4 million to $4.43 billion during the week ended Dec 14 while reserves with the IMF had gone up $7.8 million to $2.27 billion.

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