India's Forex reserve down by USD 593 million, says RBI

The overall forex reserves declined to USD 412.23 billion from USD 412.82 billion reported for the week ended May 25, according to RBI.

MUMBAI: India's foreign exchange (Forex) reserves depleted by USD 593.7 million as on June 1, official data showed on Friday.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the overall forex reserves declined to USD 412.23 billion from USD 412.82 billion reported for the week ended May 25.

India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).

Segment-wise, FCAs - the largest component of the Forex reserves - decreased by USD 81.3 million to USD 387.51 billion during the week under review. 

Besides the US dollar, FCAs consist of nearly 20-30 percent of major global currencies. 

As per the data, the value of the country's gold reserves plunged. It plunged by USD 511 million to USD 21.18 billion.

The SDRs' value inched down by USD 0.6 million to USD 1.49 billion, while the country's reserve position with the IMF also slipped by USD 0.8 million to USD 2.02 billion.