Bombay:
After rising for two consecutive weeks, the country’s foreign exchange reserves fell $306 million to $601,057 billion in the week ended June 3, according to RBI data.
In the previous week, reserves had increased $3.854 billion to $601.363 billion. It was up $4.23 billion to $597.509 billion in the week ended May 20.
During the week ending June 3, the decline in reserves was the result of a decline in foreign currency assets (FCA), a major component of total reserves.
FCA fell $208 million in the reporting week to $536.779 billion, according to the Weekly Statistical Supplement released Friday by the Reserve Bank of India (RBI).
Expressed in dollars, the FCA includes the effect of appreciation or depreciation of non-US units such as euro, pound and yen held in foreign exchange reserves.
Gold reserves fell $74 million to $40.843 billion.
Special drawing rights (SDRs) at the International Monetary Fund (IMF) fell $28 million to $18.41 billion, RBI said.
The country’s reserve position with the IMF rose $5 million in the reporting week to $5.025 billion, the data shows.