India’s foreign exchange reserves fell from a record high to $611.149 billion after declining $1.581 billion in the week ended July 23, showed data released by Reserve Bank of India (RBI) on Friday.
The reserves had reached a lifetime high of $612.730 billion after rising by $835 million in the previous week ended July 16, 2021.
During the reporting week, the drop in forex reserves came on the back of a fall in foreign currency assets (FCAs), a major component of the overall reserves, as per weekly data by the central bank.
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. FCAs declined by $1.12 billion to $567.628 billion during the week under review.
Meanwhile, gold reserves declined by $449 million to $36.884 billion during the reporting week.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $3 million at $1.546 billion.
India’s reserve position with the IMF also declined by $9 million to $5.091 billion in the reporting week, as per RBI data.
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