India's forex reserves down by over $2.4 bn

India’s foreign exchange reserves fell $2.415 billion during the week ended April 2.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves decreased to $576.869 billion from $579.285 billion reported for the week ended March 26.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.515 billion to $536.438 billion.

Similarly, the value of the country’s gold reserves fell by $884 million to $34.023 billion. The SDR value slipped by $4 million at $1.486 billion.

On the same note, the country’s reserve position with the IMF inched lower by $12 million to $4.923 billion.