Forex reserves down by $6.24 billion to $583.945 billion

MUMBAI: The country’s foreign exchange reserves declined by a massive $6.24 billion to reach $583.945 billion in the week ended February 5, Reserve Bank of India (RBI) data showed on Friday.
In the previous week, the reserves had touched a record high of $590.185 billion after rising by $4.852 billion.
In the reporting week ended February 5, the decline in the forex kitty was mainly on account of a fall in foreign currency assets (FCAs), a major component of the overall reserves.
FCAs decreased by $44.88 billion to $542.338 billion, weekly data from the RBI showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The gold reserves decreased by $1.327 billion to $34.967 billion in the reporting week.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $6 million to $1.503 billion.
The country’s reserve position with the IMF also declined by $27 million to $5.138 billion in the reporting week, as per the data.