India's Foreign Exchange Reserves Fall $1.839 Billion From Record High To Settle At $584.242

India's Foreign Exchange Reserves Fall $1.839 Billion From Record High To Settle At $584.242The Reserve Bank of India

After reaching a lifetime high in the previous week, India’s foreign exchange reserves fell by $1.839 billion during the week ending 15 January to settle at $584.242 billion against $586.082 billion in the week before, reports Financial Express.

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

According to Reserve Bank of India (RBI)’s weekly statistical supplement, FCAs, the largest component of the forex reserves, edged marginally lower by $284 million to $541.507 billion.

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.

Meanwhile, the value of the country’s gold reserves fell by $1.534 billion to $36.06 billion.

In addition to these, India's reserve position with the IMF fell by $17 million to $5.163 billion. Also, India's special drawing rights with the IMF fell by $4 million to $1.512 billion.