India's Forex Reserves Slip After Three Weeks Of Gains
The country's forex kitty declined by $2.54 billion as compared to the preceding week.
India's foreign exchange reserves declined to $635.72 billion in the week ending Feb. 14, according to figures published by the Reserve Bank of India on Friday.
The forex reserves slipped by $2.54 billion as compared to the preceding week ended Feb. 7, when it stood at $638.26 billion.
The decline in the country's forex kitty comes after three straight weeks of gains. The reserves had increased by $7.7 billion in the previous reporting week that ended on Feb. 7.
The slip in forex reserves was reported amid the strengthening of US dollar. The Indian rupee weakened by five paise on Friday to close at 86.71 against the greenback.
For the week ended Feb. 14, foreign currency assets—a major component of the reserves—fell to $539.591 billion, according to the RBI data. In comparison, it stood at $544.106 billion at the end of the preceding week.
In dollar terms, foreign currency assets include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.
Meanwhile, gold reserves increased to $74.15 billion from $72.20 billion, the RBI data showed.
