Foreign exchange reserves decline to $570.74 bn

The country's foreign exchange reserves fell $2.24 billion to $570.74 billion in the week ended August 12, according to the Reserve Bank of India (RBI) data.

In the previous week ended August 5, the foreign exchange reserves declined $897 million to $572.98 billion.

The fall in the reserves in the reporting week ended August 12 was on account a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI on Friday.

FCA declined $2.65 billion to $506.99 billion, the 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.

Gold reserves surged $305 million to $40.62 billion.

The Special Drawing Rights (SDRs) increased $102 million to $18.13 billion.

The country's reserve position with IMF also rose by $7 million to $4.99 billion in the reporting week, as per the data.

Photograph: Reuters