Home Business India’s forex reserves down $286 million

India’s forex reserves down $286 million

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Indian Finance Minister Arun Jaitley addressing the India Investors Meet in London

India’s foreign exchange reserves decreased by $286.3 million to $337.79 billion for the week ended March 6, Reserve Bank of India (RBI) data showed.

Indian Finance Minister Arun Jaitley addressing the India Investors Meet in London
Indian Finance Minister Arun Jaitley addressing the India Investors Meet in London

The reserves had increased by $3.88 billion to $338.07 billion for the previous week ended Feb 27. In the week ended Feb 20 the reserves were up by $1.02 billion to $334.19 billion.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, however, rose $122.4 million at $312.32 billion in the week under review.

The foreign currency assets had risen by $3.90 billion at $312.20 billion for the previous week ended Feb 27. The foreign currency assets were up by $1.04 billion at $308.29 billion in the week ended Feb 20.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India’s reserve position with the International Monetary Fund (IMF) in the week ended March 6 decreased by $17.9 million and stood at $1.61 billion.

The value of special drawing rights (SDRs) was lower by $44.6 million in the week under review at $4.02 billion.

Gold reserves for the week under review plunged by $346.2 million and stood at $19.83 billion. The gold reserves were static since the week ended Feb 6, when they had increased by $805.3 million at $20.18 billion.

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