The country’s foreign exchange reserves dipped by $1.169 billion to stand at $637.477 billion in the week ended October 1, RBI data showed on Friday. In the previous week ended September 24, 2021, the reserves had declined by $997 million to $638.646 billion. The reserves had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3, 2021.
During the reporting week ended October 1, 2021, the dip in the forex kitty was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves. FCAs declined by $1.28 billion to $575.451 billion, as per weekly data by the Reserve Bank of India (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 $128 million to $37.558 billion in the reporting week, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $138 million to $19.24 billion. The country’s reserve position with the IMF increased by $122 million to $5.228 billion.