India News | Forex Reserves Fall USD 4.5 Bln to USD 528.37 Bln

Mumbai, Oct 21 (PTI) India's forex reserves dropped by USD 4.50 billion to USD 528.37 billion for the week ended October 14, the RBI said on Friday.

The overall reserves had increased by USD 204 million to USD 532 billion in the previous reporting week, which was the first weekly increase in the kitty since August this year.

Also Read | Canadian Sikh Accused of Killing His Kids, Strangulating Wife in Montreal Charged With Murder.

In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Foreign Currency Assets (FCA), a major component of the overall reserves, saw a drop of USD 2.828 billion to USD 468.668 billion during the week to October 14, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

Also Read | Gold, Silver Price Today: Sharp Decline Witnessed As Yellow Metal Falls Rs 372, Silver by Rs 799.

Expressed in dollar terms, the FCAs 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, whose value had risen by USD 1.35 billion in the previous reporting week, saw a decline of USD 1.502 billion in the value to USD 37.453 billion, it said.

The Special Drawing Rights (SDRs) were down by USD 149 million to USD 17.433 billion, the apex bank said.

The country's reserve position with the IMF were down by USD 23 million to USD 4.813 billion in the reporting week, the apex bank data showed.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)