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RBI’s forex reserve falls by $526 million
The Reserve Bank of India’s foreign currency assets declined by $526 million to $25,469 million during the second week of May. The stock of gold and special drawing rights (SDR) held by the RBI was stable at $3,184 million and $13 million respectively. The forex reserve registered a consequent decline to $28,666 million on 15^th May. During the current financial year, forex reserves have declined by $701 million till May 15. The bulk of the change can be explained by the $506 million decline in FCA of the Reserve Bank. The stock of the bank declined by $207 million while the stock of SDR held by it increased by $13 million for the current financial year. The latest figure released by the RBI revealed the total funds flow from the banking sector to the commercial sector declined by Rs 1396 crore during the current financial year.