Mumbai: The foreign exchange reserves of India declined for the third week in a row. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
The forex reserves declined by $ 2.335 billion to $590.702 billion in the week ended on September 22. In the previous reporting week, the overall reserves dropped by $867 million to $593.037 billion.
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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.
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 $2.552 billion to $523.363 billion. Gold reserves were up by $307 million to $44.307 billion. The Special Drawing Rights (SDRs) were down by $79 million to $18.012 billion. The country’s reserve position with the IMF also declined by $11 million to $ 5.019 billion.
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