usd: Forex reserves up by USD 1.492 billion to USD 641 billion

The country’s foreign exchange reserves rose by USD 1.492 billion to reach USD 641.008 billion in the week ended October 15, RBI data showed on Friday. In the previous week ended October 8, the reserves had increased by USD 2.039 billion to USD 639.516 billion. The reserves had touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

In the reporting week ended October 15, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves

FCAs rose by USD 950 million to USD 577.951 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 climbed by USD 557 million to USD 38.579 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by USD 21 million to USD 19.247 billion.

The country’s reserve position with the IMF rose by USD 6 million to USD 5.231 billion.