Forex reserves drop by $2.47 bn to $616.89 bn

The country's foreign exchange reserves declined by $2.47 billion to reach $616.895 billion in the week ended August 20, RBI data showed on Friday.

In the previous week ended August 13, 2021, the reserves had declined by $2.099 billion to $619.365 billion.

The forex kitty had touched a lifetime high of $621.464 billion in the week ended August 6, 2021.

In the reporting week, the decrease in the reserves was due to a drop 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 $3.365 billion to $573.009 billion.

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 $913 million to $37.249 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $3 million at $1.541 billion.

The country's reserve position with the IMF slipped by $15 million to $5.096 billion.

Photograph: Reuters