Forex reserves decline by $908 mn to $640.1 bn

The country's foreign exchange reserves declined by $908 million to $640.1 billion in the week ended October 22, RBI data showed.

In the previous week ended October 15, the reserves had increased by $1.492 billion to $641.008 billion.

The reserves had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

In the reporting week ended October 22, the dip in the reserves was due to a fall in foreign currency assets (FCA), a major component of the overall reserves, and in the gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.

FCA declined by $853 million to $577.098 billion in the reporting week, the data 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 $138 million to $38.441 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $74 million to $19.321 billion.

The country's reserve position with the IMF increased by $10 million to $5.240 billion in the reporting week, the data showed.

Photograph: Mohamed Abd El Ghany/Reuters