India's foreign exchange reserves fall $6.687 bn to $564.053 bn: RBI

Mumbai: The country's foreign exchange reserves fell $6.687 billion to $564.053 billion in the week ended August 19, according to the Reserve Bank of India (RBI) data.

In the previous week ended August 12, the reserves declined $2.238 billion to $570.74 billion.

The drop in the reserves during the week ended August 19 was due to a fall in the Foreign Currency Assets (FCA) and the gold reserves, as per the Weekly Statistical Supplement released by RBI on Friday.

FCA fell $5.779 billion to $501.216 billion in the reporting week.

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 declined $704 million to $39.914 billion, the data showed.

The Special Drawing Rights (SDRs) decreased $146 million to $17.987 billion.

The country's reserve position with the IMF also fell $58 million to $4.936 billion in the reporting week.

Meanwhile, Bank credit grew by 15.32 per cent to Rs 124.305 lakh crore and deposits by 8.84 per cent to Rs 169.49 lakh crore in the fortnight ended August 12, the RBI data showed.

In the fortnight ended August 13, 2021, bank advances stood at Rs 107.79 lakh crore and deposits at Rs 155.72 lakh crore, according to the Reserve Bank of India's (RBI) Scheduled Banks' Statement of Position in India as on August 12 released on Friday.

In the previous fortnight ended July 29, bank credit grew by 14.52 per cent and deposits by 9.14 per cent. In FY 2021-22, bank credit rose by 8.59 per cent and deposit by 8.94 per cent.