MUMBAI: The country’s foreign exchange reserves declined by $878 million to stand at $632.736 billion in the week ended January 7, RBI data showed on Friday.
In the previous week ended December 31, the reserves had dropped by $1.466 billion to $633.614 billion. It had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.
During the reporting week ended January 7, the decline in the forex kitty was mainly due to a fall in gold reserves and foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).
FCAs decreased by $497 million to $569.392 billion in the reporting week.
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 declined by $360 million to $39.044 billion, according to the data.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $16 million to $19.098 billion.
The country’s reserve position with the IMF dipped by $5 million to $5.202 billion in the reporting week, the data showed.