Forex reserves fall $897 mn to $572.978 bn

The country's foreign exchange reserves declined $897 million to $572.98 billion in the week ended August 5, according to the Reserve Bank of India (RBI).

In the previous week ended July 29, the reserves had risen $2.31 billion to $573.87 billion.

In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.

FCA declined $1.61 billion to $509.65 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 increased $671 million to $40.31 billion in the week ended August 5.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose  $46 million to $18.03 billion.

The country's reserve position with the IMF declined $3 million to $4.99 billion in the reporting week, the data showed.