Forex reserves down by US$ 1.169 bn to US$ 637.477 bn

October 08, 2021 23:29

The country's foreign exchange reserves dipped by US$ 1.169 billion to stand at US$ 637.477 billion in the week ended October 1, RBI data showed on Friday.

In the previous week ended September 24, 2021, the reserves had declined by US$ 997 million to US$ 638.646 billion. The reserves had surged by US$ 8.895 billion to a lifetime high of US$ 642.453 billion in the week ended September 3, 2021.

During the reporting week ended October 1, 2021, the dip in the forex kitty was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves.

FCAs declined by US$ 1.28 billion to US$ 575.451 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 were up by US$ 128 million to US$ 37.558 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by US$ 138 million to US$ 19.24 billion.

The country's reserve position with the IMF increased by US$ 122 million to US$ 5.228 billion.

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