Forex reserves down by USD 1.47 billion to USD 639.64 billion

The country’s foreign exchange reserves declined by USD 1.47 billion to USD 639.642 billion in the week ended September 17, RBI data showed on Friday. In the previous week ended September 10, 2021, the reserves had dipped by USD 1.34 billion to USD 641.113 billion. The reserves had surged by USD 8.895 billion to a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

During the reporting week ended September 17, 2021, the drop in the forex kitty was mainly on account of a decline in the foreign currency assets (FCAs), a major component of the overall reserves.

FCAs slumped by USD 892 million to USD 577.986 billion, weekly data by the Reserve Bank of India (RBI) showed.

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 down by USD 567 million to USD 37.103 billion in the reporting week, as per the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by USD 4 million to USD 19.434 billion.

The country’s reserve position with the IMF also decreased by USD 8 million to USD 5.119 billion in the reporting week, the data showed.