India’s Forex reserves decline USD 77 mn to USD 635.828 bn

India’s forex reserves have dropped by USD 77 million to reach USD 635.828 billion for the week ended December 10, this is the third consecutive week of declination.

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New Delhi: As per the official data, India’s forex reserves have dropped by USD 77 million to reach USD 635.828 billion for the week ended December 10, this is the third consecutive week of declination. Last week, the reserves had slid by USD 1.783 billion to USD 635.905 billion.
The dip in the forex kitty was due to a decline in foreign currency assets (FCA), a major component of the overall reserves. Whereas, the FCA dropped by USD 321 million to USD 572.86 billion.
These foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. This is counted in Dollars.
However, The Value of the gold reserves surged by USD 291 million to USD 38.709 billion by 10th December.

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