Forex reserves fall to USD 634.287 bn

Mumbai: The country’s foreign exchange reserves declined by USD 678 million to USD 634.287 billion in the week ended January 21, according to RBI data.

In the previous week ended January 14, the reserves had increased by USD 2.229 billion to USD 634.965 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

During the reporting week ended January 21, the dip in the reserves was on account of a drop in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Reserve Bank of India’s (RBI) weekly data released on Friday.

FCA declined by USD 1.155 billion to USD 569.582 billion in the reporting week.

Expressed in dollar terms, FCA includes 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 by USD 567 million to USD 40.337 billion in the reporting week, the data showed.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by USD 68 million to USD 19.152 billion.

The country’s reserve position with the IMF also dipped by USD 22 million to USD 5.216 billion in the reporting week, the data showed.