Mumbai: The foreign exchange reserves of India declined for the week ended October 13. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s forex reserves declined by $2.36 billion to $583.53 billion during the week. In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.
On October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
The foreign currency assets decreased by $4.15 billion to $515.2 billion. Gold reserves were up by $1.85 billion to $45.42 billion during the week. The Special Drawing Rights (SDRs) were down by $70 million to $17.93 billion. India’s reserve position with the IMF increased by $6 million to $4.98 billion.
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