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.
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.