Mumbai: The foreign exchange reserves of India declined for the fourth week in a row. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s forex reserves dropped by $3.794 billion to $586.908 billion for the week ended September 29. In the previous reporting week, the overall reserves had declined by$2.335 billion to $590.702 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 $3.127 billion to $520.236 billion. Gold reserves were down by $576 million to $43.731 billion. The Special Drawing Rights (SDRs) were down by $74 million to $17.939 billion. The country’s reserve position with the IMF was also down by $18 million to $5.002 billion.
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