India's forex reserves fall by $2.2B to $698B billion
What's the story
India's foreign exchange reserves have witnessed a decline, dropping by $2.18 billion to stand at $697.78 billion on October 10, according to the Reserve Bank of India(RBI). The previous week's reserves were recorded at a higher value of $699.96 billion on October 3. The decline was largely due to a significant drop in foreign currency assets, which are an important part of these reserves.
Reserve composition
Foreign currency assets decline significantly
The RBI's data shows that foreign currency assets, a key component of India's forex reserves, fell by $5.61 billion to $572.10 billion for the week ending October 10. These assets include currencies other than the US dollar, such as the euro, pound sterling, and Japanese yen. On a positive note, India's gold reserves increased by $3.60 billion during this period to reach a total value of $102.37 billion.
Additional details
SDRs and IMF reserve position also decrease
The RBI also reported a decline in Special Drawing Rights (SDRs), which fell to $18.68 billion for the week ending October 10. Meanwhile, India's reserve position with the International Monetary Fund (IMF) also decreased by $36 million during this period, bringing it down to $4.63 billion. These figures provide a more comprehensive picture of India's foreign exchange reserves and their components over time.