Home / Economy / India's forex reserves down to $632.7 bn as of 7 Jan: RBI data
Listen to this article

The country's foreign exchange reserves declined by $878 million to stand at $632.736 billion in the week ended January 7, RBI data showed on Friday.  

In the previous week ended December 31, the reserves had dropped by $1.466 billion to $633.614 billion. It had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.   

During the reporting week ended January 7, the decline in the forex kitty was mainly due to a fall in gold reserves and foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

FCAs decreased by $497 million to $569.392 billion in the reporting week.  

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 declined by $360 million to $39.044 billion, according to the data.     

The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $16 million to $19.098 billion.   

The country's reserve position with the IMF dipped by $5 million to $5.202 billion in the reporting week, the data showed.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
Get alerts on WhatsApp
My ReadsRedeem a Gift CardLogout