Forex reserves down by $1.4 bn at $351.11 billion
After rising for two consecutive weeks, country’s foreign exchange reserves fell by $1.4 billion to $351.106 billion in the week to December 18 on account of fall in foreign currency assets (FCAs), according to an RBI data.
In the previous week, reserves had increased by $407.9 million to $352.51 billion.
FCAs, a major component of overall reserves, declined by $1.368 billion to $328.27 billion in the reported period, RBI said in a release on Saturday.
FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.
The gold reserves remained unchanged at $17.54 billion.
India’s special drawing rights with the International Monetary Fund fell by $24.3 million to $3.997 billion in the week, while country’s reserve position with the Fund decreased by $7.8 million to $1.295 billion, the apex bank said.
Read full article: Business Today
About 17,000 employees of the Reserve Bank of India are set to go on strike today for better retirement benefits Read more
The RBI is set to "fine tune" the Gold Monetisation scheme as the initial response to the scheme has been Read more
Strengthening dollar coupled with attempts by the Reserve Bank of India (RBI) to curb volatility in rupee value depleted India's Read more
The BSE Sensex and NSE Nifty50 index opened on a positive note on Tuesday after India’s economy grew by 7.4 Read more
