Mumbai: The foreign exchange reserves of India decreased by $462 million to $590.321 billion for the week ended November 10. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the previous reporting week, the overall reserves had increased by $4.672 billion to $590.783 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.
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.
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The foreign currency assets increased by $108 million to $522.004 billion. Gold reserves were down by $608 million to $45.515 billion during the week. The Special Drawing Rights (SDRs) were up by $36 million to $18.011 billion. India’s reserve position with the IMF (International Monetary Fund) was up by $3 million to $4.791 billion.
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