The country’s foreign exchange reserves declined by $ 1.466 billion to $ 633.614 billion in the week ended Dec.31, according to RBI data.
During the previous week ended December 24, reserves fell from $ 587 million to $ 635.08 billion. It hit a lifetime high of $ 642.453 billion in the week ended September 3, 2021.
In the reporting week ended December 31, the decline in foreign exchange reserves was due to a decline in foreign exchange assets (FCA), a major component of aggregate reserves, according to weekly data from the Reserve Bank of India (RBI ) published on Friday.
The FCA fell $ 1.48 billion to $ 569.889 billion in the week of the report, according to RBI data. Expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
Gold reserves rose $ 14 million to $ 39.405 billion in the week of the report, the data showed. Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at $ 19.114 billion during the week of the report, the RBI said.
The country’s reserve position with the IMF also remained unchanged at $ 5.207 billion during the week of the report, the data showed.