India’s foreign reserves plunge by over $2 billion

MUMBAI: India’s foreign exchange (Forex) reserves declined by $2.04 billion to $349.97 billion in the week ended September 25, official data showed on Friday.

The reserves had risen by $631.5 million to $352.02 billion in the previous week ended September 18.

The reserves had augmented by $2.35 billion to $351.38 billion in the week ended September 11.

However, the reserves had also declined by $2.88 billion in the week ended September 4 to $349.03 billion.

The data furnished by the Reserve Bank of India (RBI) in its weekly statistical supplement showed that the foreign currency assets (FCAs) had plunged by $1.98 billion to $326.57 billion in the week under review.

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The FCA constitutes the largest component of India’s forex reserves. It consists of US dollars, major non-dollar currencies, securities and bonds bought abroad.

“The FCA expressed in US dollar terms includes the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve,” the RBI said in its statistical supplement.

During the week under review, the country’s gold reserves remained stagnant. The country’s gold reserves had depleted by $214.8 million to $18.03 billion during the week ended September 4.

The special drawing rights (SDRs) in the week under review were lower by $48.3 million at $4.04 billion.

The country’s reserve position with the International Monetary Fund (IMF) also edged down by $11.8 million to $1.31 billion.

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