Forex Reserves Fall To $580.299 Bln

The country's foreign exchange reserves declined by $4.255 billion to $580.299 billion in the week ended March 5, according to RBI data.

It had touched a record high of $590.185 billion in the week ended January 29, 2021.

In the reporting week ended March 5, the fall in reserves was due to a decline in the Foreign Currency Assets (FCA).

Expressed in dollar terms, FCA includes 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 declined by $1.206 billion to $34.215 billion in the reporting week, as per the data.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell by $11 million to $1.506 billion in the reporting week.

The country's reserve position with the IMF also declined by $36 million to $4.965 billion in the reporting week, the data showed.