India's forex reserves decline by $1.18 Bn to $695.49 Bn

India’s foreign exchange reserves fell by $1.183 billion to $695.489 billion for the week ended July 18, according to data released by the Reserve Bank of India (RBI) on Friday.
According to information,this marks the second consecutive weekly decline. In the previous week, the overall reserves had dropped by $3.064 billion to $696.672 billion. Notably, India’s forex kitty had touched an all-time high of $704.885 billion in end-September 2024.During the reporting week, foreign currency assets (FCAs)—the largest component of the reserves—slipped by $1.201 billion to $587.609 billion. Expressed in dollar terms, FCAs include the impact of fluctuations in non-US currencies such as the euro, pound, and yen held in the reserves.Meanwhile, gold reserves increased by $150 million to $84.499 billion, the RBI said. On the other hand, Special Drawing Rights (SDRs) declined by $119 million to $18.683 billion, while India’s reserve position with the International Monetary Fund (IMF) fell by $13 million to $4.698 billion.

(Business Correspondent)