Forex reserves decline USD 763 mn to USD 640.11 bn

Mumbai: The country’s foreign exchange reserves declined by USD 763 million to USD 640.112 billion in the week ended November 12, RBI data showed.

In the previous week ended November 5, the reserves had decreased by USD 1.145 billion to USD 640.874 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

In the reporting week, the decline in the foreign exchange reserves was on account of a dip in foreign currency assets (FCA), a major component of the overall reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed.

FCA dropped by USD 2.094 billion to USD 575.487 billion in the reporting week, according to the data.

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 USD 1.461 billion to USD 40.239 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped USD 103 million to USD 19.184 billion.

The country’s reserve position with the IMF was down by USD 27 million to USD 5.201 billion in the reporting week, the data showed.