India’s forex reserves dip by $8.06 billion to $580.25 billion

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MUMBAI: The country’s foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data.
In the previous week ended July 1, the reserves had dropped by $5.008 billion to $588.314 billion.
During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.
FCA was down by $6.656 billion to $518.089 billion in the reporting week, according to the Reserve Bank of India‘s Weekly Statistical Supplement released on Friday.
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 fell by $1.236 billion to $39.186 billion.
In the reporting week ended July 8, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by $122 million to $18.012 billion.
The country’s reserve position with IMF decreased by $49 million to $4.966 billion in the reporting week, the data showed.

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