Forex reserves decrease by $587 million to $635.08 billion

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India's forex reserves decreased by $587 million to $635.08 billion for the week ended December 24, the RBI said on Friday. In the previous week ended December 17, the overall reserves had decreased by $160 million to $635.667 billion. The kitty had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

For the reporting week ended December 24, the dip in the overall reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves. FCA dipped by $847 million to $571.369 billion in the reporting week, the RBI data showed.

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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 rose by $207 million to $39.39 billion in the reporting week, the apex bank data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $24 million to $19.114 billion in the reporting week, the RBI said. The country's reserve position with the IMF increased by $28 million to $5.207 billion in the reporting week, the data showed.