India foreign exchange reserves fell by £5.7b in week ending Aug 19: RBI

• PTI
• 26 August, 2022

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By: PTI

India’s foreign exchange reserves fell $6.687 billion (£5.7 billion) to $564.053 billion (£480 billion) in the week ended August 19, according to the Reserve Bank of India (RBI) data.

In the previous week ended August 12, the reserves declined $2.238 billion (£1.9 billion) to $570.74 billion (£485 billion).

The drop in the reserves during the week ended August 19 was due to a fall in the Foreign Currency Assets (FCA) and the gold reserves, as per the Weekly Statistical Supplement released by RBI on Friday (26).

FCA fell $5.779 billion (£5 billion) to $501.216 billion (£426 billion) in the reporting week.

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 declined $704 million (£599 million) to $39.914 billion (£34 billion), the data showed.

The Special Drawing Rights (SDRs) decreased $146 million (£124 million) to $17.987 billion (£15.2 billion). The country’s reserve position with the International Monetary Fund also fell $58 million (£49.3 million) to $4.936 billion (£4.19 billion) in the reporting week.