Forex reserves decline $763 million to $640.11 billion

MUMBAI: The country’s foreign exchange reserves declined by $763 million to $640.112 billion in the week ended November 12, RBI data showed. In the previous week ended November 5, the reserves had decreased by $1.145 billion to $640.874 billion. It touched a lifetime high of $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 $2.094 billion to $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 $1.461 billion to $40.239 billion in the reporting week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $103 million to $19.184 billion. The country’s reserve position with the IMF was down by $27 million to $5.201 billion in the reporting week, the data showed. FacebookTwitterLinkedinEMail

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