Gold reserves fall by $34 million to $47.2 billion, whereas SDRs decline by $476 million to $18.2 billion
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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.
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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.
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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.
