India’s forex reserves down by $2.713 million to $637.687 billion

MUMBAI: The country’s foreign exchange reserves declined by $2.713 million to $637.687 billion in the week to November 26, RBI data showed.

In the previous week ended November 19, the reserves had increased by $289 million to $640.401 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

In the reporting week ended November 26, the dip in the foreign exchange reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves and gold reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed.

FCA dropped by $1.048 billion to $574.664 billion in the reporting week, the data 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 $1.566 billion to $38.825 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $74 million to $19.036 billion.

The country’s reserve position with the IMF declined by $25 million to $5.162 billion in the reporting week, the data showed.