Forex reserves decline by $2.36 billion to $583.53 billion

Forex reserves decline by $2.36 billion to $583.53 billion

India's forex reserves declined by USD 2.36 billion to USD 583.53 billion during the week ended October 20, according to the Reserve Bank of India data.

In the previous reporting week, the overall reserves had increased by USD 1.153 billion to USD 585.895 billion.

In October 2021, the country's forex kitty reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended October 20, the foreign currency assets, a major component of the reserves, decreased by USD 4.15 billion to USD 515.2 billion, according to the Weekly Statistical Supplement released by the 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 USD 1.85 billion to USD 45.42 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 70 million to USD 17.93 billion, the apex bank said. India's reserve position with the IMF increased by USD 6 million to USD 4.98 billion in the reporting week, the apex bank data showed. India's reserve position with the IMF increased by USD 6 million to USD 4.98 billion in the reporting week, the apex bank data showed.