Forex reserves decline USD 4 bn to USD 603.93 bn due to gold assets
Forex reserves decline USD 4 bn to USD 603.93 bn due to gold assets
Photo by John Guccione

Sliding from a lifetime high, India's forex reserves declined by USD 4.148 billion to reach USD 603.933 billion for the week ended June 18 due to a fall in gold and currency assets, RBI data showed on Friday.

The forex kitty had surged by USD 3.074 billion to a record high of USD 608.081 billion in the previous reporting week.

The foreign currency assets (FCA), a major component of the overall reserves, declined by USD 1.918 billion to USD 561.540 billion for the reporting week, as per data by the Reserve Bank of India (RBI).

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

After a USD 490 million rise in the previous week, the gold reserves declined by USD 2.170 billion to USD 35.931 billion, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 14 million to USD 1.499 billion.

The country's reserve position with the IMF also decreased by USD 46 million to USD 4.965 billion in the reporting week, the data showed.

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