Forex reserves fall by $4.255 billion to $580.299 billion

MUMBAI: 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.
In the previous week ended February 26, the reserves rose by $689 million to $584.554 billion. 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).
The FCA dipped by $3.002 billion to $539.613 billion, the Reserve Bank of India’s (RBI) weekly data showed.
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.

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