India’s foreign exchange reserves down $2.23 billion to $550.87 billion

The country’s foreign exchange reserves declined by USD 2.234 billion to stand at USD 550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said.

In the previous reporting week, the reserves had dropped by USD 7.941 billion to USD 553.105 billion.

The fall in the reserves during the reporting week was on account of a dip in the foreign currency assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.

The FCAs decreased by USD 2.519 billion to USD 489.598 billion in the reporting week.

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

The value of the gold reserves increased by USD 340 million to USD 38.644 billion, the data showed.

The Special Drawing Rights (SDRs) dropped by USD 63 million to USD 17.719 billion.

The country’s reserve position with the IMF was up by USD 8 million to USD 4.91 billion in the reporting week, as per the data.