India’s forex reserves inch lower by $57 mn

Mumbai, Feb 24 (IANS) India’s foreign exchange (Forex) reserves marginally fell by 56.8 million as on February 17, 2017 official data showed on Friday.

According to the RBI’s weekly statistical supplement, the overall Forex reserves decreased to $362.72 billion from $362.78 billion for the week ended February 10.

Segment-wise, the Foreign Currency Assets (FCAs) — the largest component of the Forex reserves inched lower by $59.1 million to $339.71 billion during the week under review.

Apart from the US dollar, the FCAs consist of nearly 20-30 per cent of major (non US) global currencies, securities and bonds. The individual movements of these currencies against the US dollar impacts the reserves’ value.

The country’s gold reserves were stagnant at $19.24 billion.

However, the special drawing rights (SDRs) gained marginally by $0.9 million to $1.44 billion.

The country’s reserve position with the International Monetary Fund (IMF) rose by $1.4 million to $2.31 billion.

–IANS

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