India's forex reserves down by $878 mn to $632.736 bn

India's forex reserves down by $878 million to $632.736 billion

Gold reserves declined by $360 million to $39.044 billion, according to the RBI

Representative image. Credit: iStock photo

The country's foreign exchange reserves declined by $878 million to stand at $632.736 billion in the week ended January 7, RBI data showed on Friday.

In the previous week ended December 31, the reserves had dropped by $1.466 billion to $633.614 billion. It had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

During the reporting week ended January 7, the decline in the forex kitty was mainly due to a fall in gold reserves and foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

FCAs decreased by $497 million to $569.392 billion in the reporting week.

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 declined by $360 million to $39.044 billion, according to the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $16 million to $19.098 billion.

The country's reserve position with the IMF dipped by $5 million to $5.202 billion in the reporting week, the data showed.

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