Mumbai: The foreign exchange reserves of India declined for the fifth week in a row. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves touched the lowest in more than five months.
As per RBI data, the forex reserves declined by $2.166 billion to $584.742 billion for the week ended October 6. India’s forex reserves had gone down by $3.794 billion to $586.908 billion in the previous week.
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 $707 million to $519.529 billion. Gold reserves were down by $1.425 billion to $42.306 billion. The Special Drawing Rights (SDRs) were down by $15 million to $17.923 billion. India’s reserve position with the IMF was also down by $19 million to $4.983 billion.
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