The country’s foreign exchange reserves declined by $160 million to stand at $635.667 billion in the week to December 17, according to data by the Reserve Bank of India (RBI). In the previous week ended December 10, the reserves had decreased by $77 million to $635.828 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.
During the reporting week ended December 17, the dip in the forex kitty was on account of a decline in foreign currency assets (FCAs), a major component of the overall reserves. FCAs tumbled by $645 million to $572.216 billion, weekly data released by the Reserve Bank of India (RBI) showed.
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. Gold reserves rose by $475 million to $39.183 billion in the reporting week.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $19.089 billion. The country’s reserve position with the IMF increased by $9 million to $5.179 billion in the reporting week, as per the data.