Forex reserves decline by USD 908 mn to USD 640.1 bn | Forex reserves fall by $90.8 million to $640.1 billion


Forex reserves down $90.8 million to $640.1 billion

Mumbai: The country’s foreign exchange reserves declined by $ 90.8 million to $ 640.1 billion in the week ended October 22. The Reserve Bank of India (RBI) gave this information in its latest data on Friday. Due to this, forex reserves had increased by $ 1.492 billion to $ 641.008 billion in the previous week ended October 15. Earlier, in the week ended September 3, 2021, forex reserves had reached an all-time high of $ 642.453 billion.

According to the weekly data released by the RBI on Friday, the decline in forex reserves for the week ended October 22 was mainly due to depletion of foreign currency assets (FCA) and gold reserves, which constitute a significant part of the total reserves. The Reserve Bank said that India’s foreign currency assets (FCA) declined by $ 853 million to $ 577.098 billion in the week under review.

Foreign currency assets, denominated in dollars, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. Gold reserves declined by $138 million to $38.441 billion in the week under review. According to Reserve Bank data, the country’s special drawing rights (SDR) with the International Monetary Fund rose by $74 million to $19.321 billion. The country’s foreign exchange reserves with the IMF increased by $ 10 million to $ 5.240 billion.

Source link