Foreign exchange reserves decline to $570.74 billion

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MUMBAI: The country’s foreign exchange reserves fell $2.238 billion to $570.74 billion in the week ended August 12, according to the Reserve Bank of India (RBI) data. In the previous week ended August 5, the foreign exchange reserves declined $897 million to $572.978 billion.
The fall in the reserves in the reporting week ended August 12 was on account a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI on Friday.
FCA declined $2.652 billion to $506.994 billion, the data showed.
Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves surged $305 million to $40.618 billion.
The Special Drawing Rights (SDRs) increased $102 million to $18.133 billion.
The country’s reserve position with IMF also rose by $7 million to $4.994 billion in the reporting week, as per the data.
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