Forex reserves down by $997 mn to $638.65 bn

The country's foreign exchange reserves declined by $997 million to reach $638.646 billion in the week ended September 24, RBI data showed on Friday.

In the previous week ended September 17, 2021, the reserves had tumbled by $1.47 billion to $639.642 billion.

The forex kitty 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 24, 2021, the dip in reserves was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

FCAs declined by $1.255 billion to $576.731 billion, 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 up by $327 million to $37.43 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $55 million to $19.379 billion.

The country's reserve position with the IMF also decreased by $13 million to $5.106 billion, as per the data.

Photograph: Dado Ruvic/Reuters