India’s Forex reserves fell by $1.268 billion in first week of Jan

The Reserve Bank of India (RBI) in Mumbai, India. [Photo: WikiMedia/Nichalp.]

The Reserve Bank reported on Friday that India’s foreign exchange reserves decreased by USD 1.268 billion to USD 561.583 billion for the week ending January 6.

Following two straight weeks of decline, the overall reserves increased by USD 44 million to USD 562.851 billion in the prior reporting week.

The nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves had been dropping as the central bank utilised them to support the rupee against pressure from international events.

According to the Weekly Statistical Supplement published by the RBI, foreign currency assets (FCA), a significant portion of total reserves, decreased by USD 1.747 billion to USD 496.441 billion for the week ending January 6.

The value of the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.

Gold reserves increased by USD 461 million to USD 41.784 billion, the Weekly Statistical Supplement published by the RBI said.

The Special Drawing Rights (SDRs) were up by USD 35 million to USD 18.217 billion, the apex bank said.

The country’s reserve position with the International Monetary Fund (IMF) was down by USD 18 million to USD 5.141 billion in the reporting week, the data showed.

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