Forex reserves decline $763 mn to $640.11 bn

The country's foreign exchange reserves declined by $763 million to $640.11 billion in the week ended November 12, RBI data showed.

In the previous week ended November 5, the reserves had decreased by $1.14 billion to $640.87 billion.

It touched a lifetime high of $642.45 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 $2.09 billion to $575.49 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 $1.46 billion to $40.24 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $103 million to $19.18 billion.

The country's reserve position with the IMF was down by $27 million to $5.20 billion in the reporting week, the data showed.

Photograph: Reuters