Forex Reserves Down By $1.47 Billion To Touch $639.64 Billion: Report

During the reporting week ended September 17, 2021, the drop in the forex kitty was mainly on account of a decline in the foreign currency assets, a major component of the overall reserves.

Forex Reserves Down By $1.47 Billion To Touch $639.64 Billion: Report

The reserve position with the IMF also decreasedby $8 millionto $5.119 billion

The country's foreign exchange reserves declined by $1.47 billion to $639.642 billion in the week ended September 17, RBI data showed on Friday. In the previous week ended September 10, 2021, the reserves had dipped by $1.34 billion to $641.113 billion.

The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3, 2021. During the reporting week ended September 17, 2021, the drop in the forex kitty was mainly on account of a decline in the foreign currency assets (FCAs), a major component of the overall reserves.

FCAs slumped by $892 million to $577.986 billion, weekly data by the Reserve Bank of India (RBI) showed. 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 down by $567 million to $37.103 billion in the reporting week, as per the data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $4 million to $19.434 billion.

The country's reserve position with the IMF also decreased by $8 million to $5.119 billion in the reporting week, the data showed.

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