Mumbai: Foreign exchange reserves of India depreciated by $2.79 billion to $616.14 billion for the week ending on January 19. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the previous reporting week, the overall reserves surged by $1.6 billion to $618.94 billion. The country’s forex kitty had reached an all-time high of $645 billion in October 2021.
Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
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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.
Foreign Currency Assets (FCAs) declined by $2.6 billionto $545.8 billion. Gold reserves fell by $34 million to $47.2 billion. The Special Drawing Rights (SDRs) declined by $476 million to $18.2 billion.The reserve position in the International Monetary Fund (IMF) saw a decrease of $18 million, settling at $4.85 billion.
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