India’s Forex reserves slip by over $11 mn

The RBI’s weekly statistical supplement showed an overall decline in India’s foreign exchange currency reserve to $381.156 billion for the week ended June 2, 2017.

India’s foreign exchange (Forex) reserves marginally decreased by over $11 million as on June 9, 2017.

An employee counts US dollars at a Forex dealer's office in Mumbai. (AFP File Photo)

The Reserve Bank of India’s (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves declined to $381.156 billion from $381.167 billion reported for the week ended June 2.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold rserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs – the largest component of the Forex reserves – inched down by $8.3 million to $357.28 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30% of major (non-US) global currencies. The FCAs also include investments in US Treasury bonds, bonds of other selected governments, deposits with foreign central and commercial banks.

The country’s gold reserves were stagnant at $20.09 billion.

However, the SDRs’ value dipped by $1.3 million to $1.47 billion. The country’s reserve position with the IMF slipped by $1.9 million to $2.30 billion.