The country’s foreign exchange reserves declined $9.65 billion to $622.27 billion in the week ended March 11, according to the latest data from the RBI.
Photograph: Mohamed Abd El Ghany/Reuters
In the previous week ended March 4, the reserves rose $394 million to $631.92 billion.
It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
During the reporting week, the decline in the reserves was due to a fall in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.
FCA decreased by $11.11 billion to $554.36 billion in the week ended March 11.
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 increased $1.52 billion to $43.84 billion in the reporting week, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $53 million to $18.93 billion, the RBI said.
The country’s reserve position with the IMF decreased by $7 million to $5.146 billion in the reporting week, the data showed.
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