India’s forex reserves dip by $951 mn

Foreign exchange reserves declined by $951 million to $404.2 billion in the week to July 27, on account of a fall in the foreign currency assets, the RBI said. In the previous week, the reserves rose by a marginal $67.7 million to $405.1 billion. The forex kitty is an indicator of the health of the economy as it is the direct cover for imports. The longer the import cover, the better the external health of the economy. At $404 billion, the nation can take care of around ten months of imports.
Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. The reserves had crossed the $400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating. In the week under review, foreign currency assets, a major component of the overall reserves, dipped by $1.012 billion to $379.037 billion, as per the latest RBI data.
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