Indias forex reserves slide to 15-month low

18 Jul 2022 , 12:01 PM

Indias foreign exchange reserves declined by $8.062 billion to a 15-month low of $580.252 billion in the week ended 8 July 2022, according to the Reserve Bank of Indias Weekly Statistical Supplement released on Friday, 15 July 2022. During the reporting week ended 8 July 2022, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said. FCA was down by $6.656 billion to $518.089 billion in the reporting week. 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 fell by $1.236 billion to $39.186 billion. In the reported week, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by $122 million to $18.012 billion. The countrys reserve position with IMF decreased by $49 million to $4.966 billion in the reporting week, the RBI data showed. Powered by Capital Market – Live News