The country’s forex reserves dropped by a further $2.166 billion to $584.74 billion for the week ended October 6, the RBI said on Friday.
Photograph: Dado Ruvic/Reuters
India’s forex kitty had gone down by $3.79 billion to $586.91 billion in the previous week.
It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
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.
For the week ended October 6, the foreign currency assets, a major component of the reserves, decreased by $707 million to $519.53 billion, according to the Weekly Statistical Supplement released by the 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 down by a sharp $1.43 billion to $42.31 billion, the Reserve Bank of India said.
The Special Drawing Rights (SDRs) were down by $15 million to $17.92 billion, the apex bank added.
India’s reserve position with the IMF was also down by $19 million to $4.98 billion in the reporting week, the central bank data showed.