The country’s foreign exchange reserves declined by $649 million to $428.96 billion in the week to September 14, mainly on account of a drop in the value of foreign currency assets and gold holdings, as per the weekly RBI data released on Friday. In the previous reporting week, total reserves had increased by $1 billion to $429.608 billion.
The reserves had touched a life-time high of $430.572 billion in August.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the forex exchange reserves.
During the week, value of gold reserves declined by $249 million to $27.103 billion, according to the data.
The special drawing rights with the International Monetary Fund dipped by $2 million to $1.432 billion during the week.
The country’s reserve position with the Fund increased $11 million to $3.630 billion, the data showed.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.