India's foreign exchange reserves decline $8.062 bn to $580.252 bn

Mumbai: The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data.

In the previous week ended July 1, the reserves had dropped by $5.008 billion to $588.314 billion.

During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.

FCA was down by $6.656 billion to $518.089 billion in the reporting week, according to the Reserve Bank of India's Weekly Statistical Supplement released on Friday.

Gold reserves fell by $1.236 billion to $39.186 billion.

In the reporting week ended July 8, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by $122 million to $18.012 billion.

The country's reserve position with IMF decreased by $49 million to $4.966 billion in the reporting week, the data showed.