Hurt by dip in gold reserves and foreign currency assets (FCA), India’s foreign exchange reserves sharply fell by $2.06 billion to $294.31 billion for the week ended May 3, according to the Reserve Bank of India.
In the previous reporting week ended April 26, the forex reserves had increased $1.60 billion at $296.37 billion.
During the week ended May 3, FCA declined by $300 million to $263.73 billion, while gold reserves plunged significantly by $1.72 billion to $23.97 billion, the RBI’s weekly statistical supplement said.
Apart from gold reserves and FCA, special drawing rights increased by $19.3 million to $4.36 billion and the reserve position with the International Monetary Fund dipped by $65.5 million to $2.24 billion.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.