Forex reserves decline $763 million to $640.11 billion

The country’s foreign exchange reserves declined by $ 763 million to $ 640.112 billion in the week ended November 12, RBI data showed. In the previous week ended November 5, the reserves had decreased by $ 1.145 billion to $ 640.874 billion. It touched a lifetime high of $ 642.453 billion in the week ended September 3, 2021.

In the reporting week, the decline in the foreign exchange reserves was on account of a dip in foreign currency assets (FCA), a major component of the overall reserves, Reserve Bank of India‘s (RBI) weekly data released on Friday showed.

FCA dropped by $ 2.094 billion to $ 575.487 billion in the reporting week, according to the data.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up by $ 1.461 billion to $ 40.239 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $ 103 million to $ 19.184 billion.

The country’s reserve position with the IMF was down by $ 27 million to $ 5.201 billion in the reporting week, the data showed.