India#39;s forex reserves down by $2.713 million to $637.687 billion

Stocks

In the previous week ended November 19, the reserves had increased by $ 289 million to $ 640.401 billion.

PTI

December 03, 2021 / 07:34 PM IST

Representative image

Representative image

The country’s foreign exchange reserves declined by $ 2.713 billion to $ 637.687 billion in the week to November 26, RBI data showed.

In the previous week ended November 19, the reserves had increased by $ 289 million to $ 640.401 billion.

It touched a lifetime high of $ 642.453 billion in the week ended September 3, 2021.

In the reporting week ended November 26, the dip in the foreign exchange reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves and gold reserves, Reserve Bank of India’s (RBI) weekly data released on Friday showed.

FCA dropped by $ 1.048 billion to $ 574.664 billion in the reporting week, the data showed.

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 were down by $ 1.566 billion to $ 38.825 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $ 74 million to $ 19.036 billion.

The country’s reserve position with the IMF declined by $ 25 million to $ 5.162 billion in the reporting week, the data showed.