Forex reserves fall $4.5 billion to $528.37 billion

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India’s forex reserves dropped by USD 4.50 billion to USD 528.37 billion for the week ended October 14, the RBI said on Friday.

The overall reserves had increased by USD 204 million to USD 532 billion in the previous reporting week, which was the first weekly increase in the kitty since August this year.

In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Foreign Currency Assets (FCA), a major component of the overall reserves, saw a drop of USD 2.828 billion to USD 468.668 billion during the week to October 14, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

Expressed in dollar terms, the FCAs 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, whose value had risen by USD 1.35 billion in the previous reporting week, saw a decline of USD 1.502 billion in the value to USD 37.453 billion, it said.

The Special Drawing Rights (SDRs) were down by USD 149 million to USD 17.433 billion, the apex bank said. The country’s reserve position with the IMF were down by USD 23 million to USD 4.813 billion in the reporting week, the apex bank data showed.