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India's Forex Reserves Declines By $3.21 billion To $420.36 billion
Led by a decrease in foreign currency assets, India's position with the IMF and SDR value, India's foreign currency reserves declined for the week ended April 20. Gold reserves however increased.
As per the RBI's statistical supplement that is released on a weekly basis, India's forex reserves declined by $3.21 billion from $423.58 billion to $420.36 billion for the week ended April 20. The forex reserves of the country include foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).
FCAs or foreign currency assets accounts to be the biggest forex reserves component and declined to $395.27 billion, a decrease of $3.20 billion, during the period. FCAs also comprise of other leading global currencies (20-30%) besides US dollar. Also, it comprises bonds of select governments, investments in US Treasury bonds and deposits with international commercial and central banks.
Nonetheless, during the week under review, gold reserves of the country increased to $21.51 billion, higher by $26.6 million.
Meanwhile, the country's position with the International Monetary Fund inched down by $19.7 million to $2.05 billion and SDR value also dropped to $1.52 billion.
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