India’s forex reserves dropped by $4.85 billion to $532.66 billion as on September 30, the Reserve Bank said on Friday.
Photograph: Dado Ruvic/Reuters
The reserves, which have been dipping as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments, had declined by over $8.13 billion to $537.52 billion in the previous reporting week.
In October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
The drop in the reserves for the week ended September 30 was on account of a dip in the Foreign Currency Assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.
The FCAs dropped by $4.406 billion to $472.81 billion during the reporting week, the apex bank said.
Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The value of the gold reserves decreased by $281 million to $37.605 billion, the data showed.
The Special Drawing Rights (SDRs) dropped by $167 million to $17.427 billion, the RBI said.
The country’s reserve position with the IMF was unchanged at $4.83 billion in the reporting week, the apex bank data showed.
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