Forex reserves down by $1.34 billion to $641.113 billion

#Foreign currency assets, #foreign exchange reserves, #FOREX, #Reserve Bank of India

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After reaching a record high in the previous week, the country’s foreign exchange reserves declined by $1.34 billion to $641.113 billion in the week ended September 10, 2021, according to RBI data. In the previous week ended September 3, the reserves had surged by $8.895 billion to a life time high of $642.453 billion.

During the reporting week ended September 10, the fall in the reserves was on account of a decline in Foreign Currency Assets (FCAs), a major component of the overall reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed.

ALSO READ: India’s forex reserves surge $16.663 billion to record high of $633.558 billion

FCAs dipped by $934 million to $578.879 billion in the reporting week. Expressed in dollar terms, 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 were down by $413 million to $37.669 billion in the reporting week, as per the data. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $1 million to $19.438 billion.

The country’s reserve position with the IMF increased by $5 million to $5.127 billion in the reporting week, the data showed.

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