Forex reserves decline USD 9.65 bn to USD 622.27 bn
The country’s foreign exchange reserves declined USD 9.646 billion to USD 622.275 billion in the week ended March 11, according to the latest data from the RBI.
In the previous week ended March 4, the reserves rose USD 394 million to USD 631.92 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.
During the reporting week, the decline in the reserves was due to a fall in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.
FCA decreased by USD 11.108 billion to USD 554.359 billion in the week ended March 11.
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 increased USD 1.522 billion to USD 43.842 billion in the reporting week, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 53 million to USD 18.928 billion, the RBI said.
The country’s reserve position with the IMF decreased by USD 7 million to USD 5.146 billion in the reporting week, the data showed.