India’s foreign exchange reserves declined by $711 million to $681.610 billion in the week ended June 5, dragged down by a sharp fall in foreign currency assets, according to data released by the Reserve Bank of India (RBI) on Friday, PTI reported.The decline follows an increase of $938 million in the previous reporting week, when the country’s forex reserves had risen to $682.321 billion.Foreign currency assets (FCAs), the largest component of the reserves, fell by $2.704 billion to $543.444 billion during the reporting week, the RBI data showed.Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US currencies such as the euro, pound sterling and yen held in the foreign exchange reserves.Partially offsetting the decline, gold reserves rose by $1.975 billion to $114.575 billion during the week.The value of Special Drawing Rights (SDRs) increased by $18 million to $18.765 billion, according to the RBI.India’s reserve position with the International Monetary Fund (IMF) stood at $4.826 billion in the week ended June 5, the central bank data showed.
