India’s Forex Reserves Decline by $763 Million

Economy

The Reserve Bank of India’s (RBI) weekly data released on Friday has shown that the country’s foreign exchange reserves have been declined by $ 763 million to $ 640.112 billion in the week ended 12th November.

According to the data, in the previous week ended 5th November, the reserves had decreased by $ 1.145 billion to $ 640.874 billion. It touched a lifetime high of $ 642.453 billion in the week ended 3rd September, 2021.

In the reporting week, the decline in the foreign exchange reserves was on account of a dip in foreign currency assets (FCA), a major component of the overall reserves, FCA dropped by $ 2.094 billion to $ 575.487 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Further, Gold reserves were up by $ 1.461 billion to $ 40.239 billion in the reporting week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $ 103 million to $ 19.1 84billion. The country’s reserve position with the IMF was down by $ 27 million to $ 5.201 billion in the reporting week, the data showed.

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