News Tech: After two consecutive weeks of gains, foreign exchange reserves fell by $306 million to $601.057 billion in the week ended June 3, according to RBI data. Last week, reserves increased by US$3,854 million to US$601,363 million. The week ending May 20 was $597.59 billion, up $4.23 billion. The decline in reserves for the week ended 3 June was due to a decline in Foreign Currency Assets (FCAs), a major component of total reserves.
FCA fell $208 million to $536.779 billion in a week, according to a weekly statistical supplement released by the Reserve Bank of India (RBI) on Friday. The FCA, expressed in dollars, includes the impact of appreciation or depreciation of non-U.S. entities such as euros, pounds and yen held as reserves. Gold reserves fell by $74 million to $40,843 million.The RBI announced that the International Monetary Fund (IMF) Special Drawing Rights (SDR) decreased by US$28 million to US$18.41 billion. Data show that the country’s reserves to the IMF have increased by $5 million to $5.025 billion in a week.