India’s foreign exchange reserves fell $2.79 billion to $616.14 billion for the week ended on January 19, according to the latest RBI data. In the previous week, the country’s forex reserves had risen $1.6 billion to $618.94 billion.
The country’s forex kitty had reached an all-time high of $645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
For the week ended January 19, foreign currency assets (FCAs) — a major component of the reserves — fell $2.6 billion to $545.8 billion, according to the RBI’s Weekly Statistical Supplement.
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 fell by $34 million to $47.2 billion, whereas special drawing rights (SDRs) decreased by $476 million to $18.2 billion.
India’s reserve position in the IMF decreased by $18 million to $4.85 billion.
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