Forex reserves down by $1.17 bn to $637.48 bn

The country's foreign exchange reserves dipped by $1.17 billion to stand at $637.48 billion in the week ended October 1, RBI data showed on Friday.

In the previous week ended September 24, 2021, the reserves had declined by $997 million to $638.65 billion.

The reserves had surged by $8.90 billion to a lifetime high of $642.45 billion in the week ended September 3, 2021.

During the reporting week ended October 1, 2021, the dip in the forex kitty was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves.

FCAs declined by $1.28 billion to $575.45 billion, as per weekly data by the Reserve Bank of India (RBI).

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 up by $128 million to $37.56 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $138 million to $19.24 billion.

The country's reserve position with the IMF increased by $122 million to $5.23 billion.

Photograph: Reuters