India s Forex reserves decline by $443 mn

Mumbai May 20 (IANS) India s foreign exchange (Forex) reserves declined by $443.6 million as on May 12 2017.

The Reserve Bank of India s weekly statistical supplement released on Friday showed that the overall Forex reserves decreased to $375.27 billion from $375.71 billion reported for the week ended May 5.

India s Forex reserves comprise of foreign currency assets (FCAs) gold special drawing rights (SDRs) and the RBI s position with the International Monetary Fund (IMF).

Segment-wise FCAs -- the largest component of the Forex reserves -- edged lower by $429.4 million to $351.10 billion during the week under review.

Besides the US dollar FCAs consist of nearly 20-30 per cent of major (non-US) global currencies. The FCAs also include investments in US Treasury bonds bonds of other selected governments deposits with foreign central and commercial banks.

The country s gold reserves were stagnant at $20.43 billion.

However the SDRs value fell by $5.5 million to $1.45 billion. The country s reserve position with the IMF inched down by $8.7 million to $2.28 billion.

--IANS
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