Forex reserves dip by $5.87 bn to $590.59 bn

The country's foreign exchange reserves declined by $5.87 billion to $590.59 billion in the week ended on June 17, the RBI data showed.

In the previous week ended on June 10, the reserves had dropped by $4.6 billion to $596.46 billion.

In the reporting week, the forex reserves fell due to a dip in foreign current assets (FCAs), a major component of the overall reserves, and also in gold reserves, the data showed.

FCA decreased by $5.36 billion to $526.88 billion, according to the Weekly Statistical Supplement, released by the Reserve Bank of India (RBI) on Friday.

Expressed in dollar terms, the 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.

Gold reserves fell by $258 million to $40.58 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dropped by $233 million to $18.15 billion in the week ended June 17.

The country's reserve position with the IMF also dipped by $17 million to $4.97 billion in the reporting week, the data showed.