Forex kitty drops USD 867 million to USD 593.037 billion

financialexpress.com:

India’s foreign exchange reserves declined USD 867 million to USD 593.037 billion in the week ended September 15, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves dropped USD 4.99 billion to USD 593.90 billion.

In October 2021, the country’s reserves had touched an all-time high of USD 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 September 15, the foreign currency assets, a major component of the reserves, decreased USD 511 million to USD 525.915 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (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 USD 384 million to USD 44 billion, the RBI said.

The Special Drawing Rights (SDRs) were up USD 32 million to USD 18.092 billion, the apex bank said.

The country’s reserve position with the IMF was down USD 4 million to USD 5.03 billion in the reporting week.