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India’s Forex Reserves Decline $3.85 Billion to $524.5 Billion

Last Updated: October 29, 2022, 13:42 IST

India’s forex kitty had reached an all-time high of $645 billion in October 2021.

Forex reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments

India’s forex reserves dropped by $3.847 billion to $524.52 billion for the week ended October 21, the RBI said on Friday. The overall reserves had dropped by $4.50 billion to $528.37 billion in the previous reporting week, and have been declining for many months now.

In October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Foreign currency assets (FCA), a major component of the overall reserves, saw a drop of $3.593 billion to $465.075 billion during the week to October 21, according to the Weekly Statistical Supplement released by the RBI on Friday.

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 saw a decline of $247 million in value to $37.206 billion, it said.

The Special Drawing Rights (SDRs) were up by $7 million to $17.44 billion, the apex bank said. The country’s reserve position with the IMF was down by $14 million to $4.799 billion in the reporting week, the central bank data showed.

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