MUMBAI: Global currency swings, owing to a strengthening of the US dollar, decreased India's foreign reserves by over USD11.173 billion in the week ending April 1.
The major component of forex reserves, foreign currency assets (FCAs), were negatively impacted by the strengthening of the US dollar against other global currencies.
Global currencies and securities, such as US Treasury bonds, make up the FCAs. The FCAs fell by USD10.727 billion to USD539.727 billion, according to RBI data.
As a result, India's entire foreign reserves decreased by USD11.173 billion to USD606.475 billion, down from USD617.648 billion the previous week. FCAs, gold reserves, SDRs, and the country's reserve position with the IMF make up the country's forex reserves.
The value of gold reserves was also reduced by USD507 million, bringing the total to USD42.734 billion. India's reserve position with the IMF increased by USD4 million to USD5.136 billion, while the SDR value increased by USD58 million to USD18.879 billion.
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