The country’s foreign exchange reserves declined by $ 9.646 billion to $ 622.275 billion in the week ended March 11. The Reserve Bank of India (RBI) gave this information on Friday.
Earlier, in the week ended March 4, foreign exchange reserves had increased by $ 394 million to $ 631.92 billion. Earlier, in the week ended September 3, 2021, the foreign exchange reserves had reached a record level of $ 642.453 billion.
According to the RBI’s weekly data released on Friday, the fall in forex reserves was due to depletion of foreign currency assets (FCAs), which constitute a significant part of the total reserves.
According to the data, for the week ended February 11, FCA declined by $11.108 billion to $554.359 billion.
Foreign currency assets held in foreign exchange reserves, expressed in dollars, include the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen. Gold reserves increased by $ 1.522 billion to $ 43.842 billion in the week under review.
In the week under review, special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $53 million to $18.928 billion. The country’s currency reserves kept with the IMF declined by $ 7 million to $ 5.146 billion.