Forex reserves decline $4 billion to $603.93 billion on slide in gold assets

Mumbai: Sliding from a lifetime high, India’s forex reserves declined by $4.148 billion to reach $603.933 billion for the week ended June 18 due to a fall in gold and currency assets, RBI data showed on Friday. The forex kitty had surged by $3.074 billion to a record high of $608.081 billion in the previous reporting week.

The foreign currency assets (FCA), a major component of the overall reserves, declined by $1.918 billion to $561.540 billion for the reporting week, as per data by the Reserve Bank of India (RBI). 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.

After a $490 million rise in the previous week, the gold reserves declined by $2.170 billion to $35.931 billion, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $14 million to $1.499 billion.

The country’s reserve position with the IMF also decreased by $46 million to $4.965 billion in the reporting week, the data showed.