Mumbai: The foreign exchange reserves of India declined in the week ended on September 8. The forex reserves fell to an 11-week low of $593.90 billion. It depreciated $5 billion from the previous week. Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
In the previous reporting week, the reserves had jumped $4.039 billion to $598.897 billion. On October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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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.
The foreign currency assets decreased by $4.265 billion to $526.426 billion. Gold reserves were down by $554 million to $44.384 billion. The special drawing rights were down by $134 million to $18.06 billion. The country’s reserve position with the IMF was also down by $39 million to $5.034 billion.
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