India's forex reserves contract by $5.4 billion to $643.16 billion
Mumbai, April 20 -- Indias foreign exchange reserves decreased by $5.4 billion to reach $643.16 billion as of April 12, according to the latest data released by the Reserve Bank of India (RBI) on Friday.
This comes after a significant increase in reserves by $2.9 billion to a historic high of $648.56 billion for the week ending on April 5, 2024.
The Weekly Statistical Supplement provided by the RBI reveals that Foreign Currency Assets (FCAs) plummeted by $6.51 billion, amounting to $564.65 billion.
FCAs, when denominated in dollars, consider the impact of fluctuations in currencies other than the US dollar, such as the euro, pound, and yen, which are part of the foreign exchange reserves.
Gold reserves, on the other hand, witnessed an...
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