Forex Reserves Dip By $5.87 Billion To $590.588 Billion

The country's foreign exchange reserves declined by $5.87 billion to $590.588 billion in the week ended on June 17, the RBI data showed.

In the previous week ended on June 10, the reserves had dropped by $4.599 billion to $596.458 billion.

In the reporting week, the forex reserves fell due to a dip in foreign current assets (FCAs), a major component of the overall reserves, and also in gold reserves, the data showed.

FCA decreased by $5.362 billion to $526.882 billion, according to the Weekly Statistical Supplement, released by the Reserve Bank of India (RBI) on Friday.

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.

Gold reserves fell by $258 million to $40.584 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dropped by $233 million to $18.155 billion in the week ended June 17.

The country's reserve position with the IMF also dipped by $17 million to $4.968 billion in the reporting week, the data showed.