India’s foreign exchange reserves slip by $290 mn

Mumbai, Jan 1 : India’s foreign exchange reserves slipped by $290 million during the week ended December 25.
According to the Reserve Bank of India’s weekly statistical supplement, the reserves declined to $580.841 billion from $581.131 billion reported for the week ended December 18.
India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $253 million to $537.474 billion.
Similarly, the value of the country’s gold reserves declined by $308 million to $36.711 million.
Besides, the SDR value inched lower by $4 million at $1.510 billion.