India's foreign exchange reserves decline to $570.74 billion

The country's foreign exchange reserves fell USD 2.238 billion to USD 570.74 billion in the week ended August 12, according to the Reserve Bank of India (RBI) data. In the previous week ended August 5, the foreign exchange reserves declined USD 897 million to USD 572.978 billion.

The fall in the reserves in the reporting week ended August 12 was on account a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI on Friday. FCA declined USD 2.652 billion to USD 506.994 billion, the data showed.

Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves surged USD 305 million to USD 40.618 billion.

The Special Drawing Rights (SDRs) increased USD 102 million to USD 18.133 billion. The country's reserve position with IMF also rose by USD 7 million to USD 4.994 billion in the reporting week, as per the data.