Forex reserves down by $1.169 billion to $637.477 billion

The country's foreign exchange reserves dipped by $1.169 billion to stand at $637.477 billion in the week ended October 1, RBI data showed on Friday

The country's foreign exchange reserves dipped by USD 1.169 billion to stand at USD 637.477 billion in the week ended October 1, RBI data showed on Friday.

In the previous week ended September 24, 2021, the reserves had declined by USD 997 million to USD 638.646 billion. The reserves 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 October 1, 2021, the dip in the forex kitty was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves.

FCAs declined by USD 1.28 billion to USD 575.451 billion, as per weekly data by the Reserve Bank of India (RBI).

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 128 million to USD 37.558 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by USD 138 million to USD 19.24 billion.

The country's reserve position with the IMF increased by USD 122 million to USD 5.228 billion.