India’s Forex reserve deplete by $593 mn

Mumbai, June 8 (IANS) India’s foreign exchange (Forex) reserves depleted by $593.7 million as on June 1, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves declined to $412.23 billion from $412.82 billion reported for the week ended May 25.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — decreased by $81.3 million to $387.51 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.

As per the data, the value of the country’s gold reserves plunged. It plunged by $511 million to $21.18 billion.

The SDRs’ value inched down by $0.6 million to $1.49 billion, while the country’s reserve position with the IMF also slipped by $0.8 million to $2.02 billion.

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