The country’s foreign exchange reserves fell by $ 1.581 billion to $ 611.149 billion for the week ending July 23, RBI data showed on Friday.
Reserves reached a lifetime high of $ 612.730 billion after increasing by $ 835 million the previous week ending July 16, 2021.
In the reporting week, the decline in reserves was mainly due to the decline in foreign exchange assets (FCA), the main component of total reserves, according to weekly data from the Indian Reserve Bank (RBI).
FCAs fell $ 1.12 billion to $ 567.628 billion.
Expressed in dollars, foreign exchange assets include the effect of appreciation or depreciation of non-US units, such as the euro, pound, and yen held in foreign exchange reserves.
Gold reserves decreased by $ 449 million to $ 36.884 billion in the reporting week.
Special drawing rights (SDRs) at the International Monetary Fund (IMF) were reduced by $ 3 million to $ 1.546 billion. The country’s reserve position in the IMF also fell by $ 9 million to $ 5.091 billion in the reporting week, according to the data.
Also read: Forex reserves rose to a lifetime high of $ 610.01 billion
Also read: Forex reserves slipped $ 4 billion to $ 604 billion in the week ending June 18th
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