Home / Economy / Forex reserves shrink by $8.13 bn to $537.51 bn

Forex reserves shrink by $8.13 bn to $537.51 bn

In May and June, the RBI had bought $28.3 billion of forex forwards. According to the Bank of America Merrill Lynch report, this fully covers its short outstanding forwards position, including $26 billion of FCNR-B swaps. Photo: Hemant Mishra/MintPremium
In May and June, the RBI had bought $28.3 billion of forex forwards. According to the Bank of America Merrill Lynch report, this fully covers its short outstanding forwards position, including $26 billion of FCNR-B swaps. Photo: Hemant Mishra/Mint

The reserves, which have been dipping as the central bank deploys the kitty to defend the rupee amid global volatility, had declined by over $5.2 bn to $545.54 bn

 The country's forex reserve continue to shrink, with the overall reserves declining by $8.134 billion to $537.518 billion for the week ended September 23, RBI data showed on Friday.

The forex reserves, which the central bank deploys to defend the rupee amid global volatility, had declined by over $5.2 billion to $545.54 billion in the previous week.

The fall in the reserves for the week ended September 23 was on account of a dip in the foreign currency assets (FCA), a major component of the overall reserves, according to the data released by the RBI.

The FCA decreased by $7.688 billion to $477.212 billion during the reporting week.

The foreign currency assets, which is pressed in dollar terms, include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The value of the gold reserves decreased by $300 million to $37.886 billion, according to the data.

The Special Drawing Rights (SDRs) dropped by $93 million to $17.594 billion. The country's reserve position with the IMF was down by $54 million to $4.826 billion in the reporting week, as per the data.

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