India’s foreign exchange reserves recorded their steepest weekly decline in months, falling by $9.985 billion to $671.625 billion in the week ended June 12, mainly due to a sharp drop in gold reserves, according to RBI data released on Friday.The country’s forex reserves had declined by $711 million in the previous reporting week to $681.610 billion, PTI reported.Despite the overall fall, foreign currency assets (FCAs), the largest component of forex reserves, increased by $846 million to $544.290 billion during the reporting week.Expressed in dollar terms, FCAs include the impact of movements in non-US currencies such as the euro, pound sterling and Japanese yen held in the reserves.Gold reserves, however, witnessed a sharp decline of $10.754 billion to $103.821 billion, dragging down the overall reserves position.The Reserve Bank of India (RBI) data also showed that Special Drawing Rights (SDRs) fell by $66 million to $18.699 billion.India’s reserve position with the International Monetary Fund (IMF) declined by $11 million to $4.815 billion during the week, according to the central bank.
