Forex reserves decrease by $587 million to $635.08 billion

India's forex reserves decreased by USD 587 million to USD 635.08 billion for the week ended December 24, the RBI said on Friday.

In the previous week ended December 17, the overall reserves had decreased by USD 160 million to USD 635.667 billion. The kitty had touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

For the reporting week ended December 24, the dip in the overall reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.

FCA dipped by USD 847 million to USD 571.369 billion in the reporting week, the RBI 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 rose by USD 207 million to USD 39.39 billion in the reporting week, the apex bank data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 24 million to USD 19.114 billion in the reporting week, the RBI said.

The country's reserve position with the IMF increased by USD 28 million to USD 5.207 billion in the reporting week, the data showed.