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India’s foreign exchange reserves witnessed a significant drop of $14.88 billion, settling at $765.9 billion for the week ended September 18, primarily driven by a reduction in foreign currency assets, according to the latest Reserve Bank of India data.
Illustration: Dado Ruvic/Reuters
Key Points
- India’s forex reserves decreased by $14.88 billion to $765.9 billion in the week ending September 18.
- The primary reason for the decline was a $14.82 billion fall in foreign currency assets, a major component of the reserves.
- Despite the overall fall, the value of gold reserves saw a slight increase of $68 million, reaching $111.29 billion.
- Special Drawing Rights (SDRs) also declined by $106 million to $18.74 billion during the same period.
India’s forex reserves dropped by $14.88 billion to $765.9 billion during the week ended September 18 due to a fall in foreign currency assets, according to the RBI data released on Friday.
Previous Trends and Components
In the previous reporting week, forex reserves had fallen by $4.92 billion to $780.78 billion.
For the week ended September 18, foreign currency assets, a major component of reserves, fell by $14.82 billion to $630.98 billion, according to the data released by the Reserve Bank of India (RBI).
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
Gold and Other Reserves
The value of gold reserves increased by $68 million to $111.29 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down $106 million to $18.74 billion. India’s reserve position with the IMF stood at $4.89 billion.
