India’s Forex Reserves Decline USD 9.98 Bn to USD 671.62 Bn: RBI Data

Mumbai: India’s forex reserves dropped USD 9.985 billion to USD 671.625 billion during the week ended June 12 due to sharp drop in gold reserves, the RBI said on Friday.

In the previous reporting week, the overall reserves had dropped USD 711 million to USD 681.610 billion.

For the week ended June 12, foreign currency assets — a major component of the reserves — increased USD 846 million to USD 544.290 billion, the data released by the Reserve Bank of India (RBI) showed.

Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.

However, the value of gold reserves decreased USD 10.754 billion to USD 103.821 billion during the week, the RBI said.

The special drawing rights (SDRs) were down USD 66 million to USD 18.699 billion, the apex bank said.

India’s reserve position with the IMF were down USD 11 million to USD 4.815 billion in the reporting week, according to the apex bank’s data.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)