Forex reserves down by $2.36 bn to $583.53 bn
In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.
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MUMBAI: India’s forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to the Reserve Bank of India data.
In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.
In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.
For the week ended October 20, the foreign currency assets, a major component of the reserves, decreased by $4.15 billion to $515.2 billion, 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. Gold reserves were up by $1.85 billion to $45.42 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $70 million to $17.93 billion, the apex bank said.
India’s reserve position with the IMF increased by $6 million to $4.98 billion in the reporting week.
