Foreign Exchange reserves down by $997 million to $638.646 billion

The country's foreign exchange reserves declined by $997 million to reach $638.646 billion in the week ended September 24, RBI data showed on Friday

The country's foreign exchange reserves declined by USD 997 million to reach USD 638.646 billion in the week ended September 24, RBI data showed on Friday.

In the previous week ended September 17, 2021, the reserves had tumbled by USD 1.47 billion to USD 639.642 billion. The forex kitty had surged by USD 8.895 billion to a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

During the reporting week ended September 24, 2021, the dip in reserves was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

FCAs declined by USD 1.255 billion to USD 576.731 billion, the data showed.

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 were up by USD 327 million to USD 37.43 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by USD 55 million to USD 19.379 billion.

The country's reserve position with the IMF also decreased by USD 13 million to USD 5.106 billion, as per the data.