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India's Forex Reserves Fall by USD 4.47 Billion
28 Nov
Summary
- India's foreign exchange reserves decreased to $688.10 billion.
- Gold reserves saw a significant drop of $2.67 billion.
- Foreign currency assets also experienced a decline of $169 million.
India's foreign exchange reserves experienced a decrease of USD 4.47 billion during the week ending November 21, bringing the total reserves to USD 688.10 billion. This marks a reversal from the preceding week, which saw a notable rise in reserves. The decline was primarily driven by a substantial drop in the value of gold reserves, which decreased by USD 2.67 billion.
Furthermore, the largest component of India's reserves, Foreign Currency Assets (FCAs), recorded a dip of USD 169 million, settling at USD 560.60 billion. The Reserve Bank of India (RBI) monitors these assets, noting that their valuation is influenced by fluctuations in major international currencies like the euro, pound, and yen against the US dollar.
Other components of the reserves also saw movement. Special Drawing Rights (SDRs) decreased by USD 84 million to USD 18.56 billion. Conversely, the reserve position in the International Monetary Fund (IMF) saw a modest increase of USD 23 million, reaching USD 4.75 billion.
