Mumbai: Foreign exchange reserves of India depreciated in the week ended on December 16. The weekly statistical supplement released by the Reserve Bank of India’s (RBI) revealed this. The forex reserves fell to $563.5 billion in the week.
In the previous week ended on December 9, the foreign exchange reserves were at $564.07 billion. Overall, forex reserves have declined from $632.7 billion at the beginning of this year. Between the weeks ended November 4, 2022, and December 2, 2022, the country’s foreign exchange reserves increased by $31.17 billion.
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The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
FCAs declined by $500 million to $499.624 billion. The foreign currency assets (FCA) stood at $500.125 billion during the week to December 9. Gold reserves decreased $150 million to $40.579 billion. India’s reserve position with the International Monetary Fund (IMF) surged by $4 million to $5.114 billion. The special drawing rights (SDRs) jumped $75 million to $18.181 billion.
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