Foreign exchange reserves fall to 634.287 billion dollars

The country’s foreign exchange reserves shrank by $678 million to $634.287 billion in the week ending Jan. 21, according to RBI data.

In the previous week ended Jan. 14, reserves had increased by $2.229 billion to $634.965 billion. It reached a lifetime high of $642.453 billion during the week ended September 3, 2021.

In the reporting week ended Jan. 21, the drop in reserves was driven by a decline in foreign exchange assets (FCA), a major component of overall reserves, according to weekly data from the Reserve Bank of India (RBI). published on Friday.

FCA fell $1.155 billion to $569.582 billion in the reporting week.

Expressed in dollars, the FCA includes the effect of the appreciation or depreciation of non-US units such as the euro, the pound and the yen held in foreign exchange reserves.

Gold reserves rose by $567 million to $40.337 billion in the reporting week, the data showed.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) decreased by $68 million to $19.152 billion.

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