Forex kitty drops by $1.09 bn to $529.99 bn

India's foreign exchange reserves dropped by $1.087 billion to stand at $529.99 billion for the week ended November 4 on a sharp decline in gold reserves, the Reserve Bank said on Friday.

In the previous reporting week, the reserves had swelled by $6.561 billion to reach $531.08 billion, making it the biggest weekly jump in a year.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments.

Foreign currency assets (FCA), a major component of the overall reserves, decreased by $120 million to $470.727 billion during the week to November 4, according to the Weekly Statistical Supplement released by the RBI.

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.

The gold reserves dropped by $705 million to $37.057 billion, it said.

The Special Drawing Rights (SDRs) were down by $235 million to $17.39 billion.

The country's reserve position with the International Monetary Fund (IMF) also dipped by $27 million to $4.82 billion in the reporting week, the apex bank data showed.