With this, India’s forex reserves have fallen by a total of $16.61 billion in three weeks.
Falling for a third consecutive week, India’s foreign exchange reserves declined $2.16 billion to $688.26 billion during the week ended October 18, according to the latest RBI data released on Friday. With this, India’s forex reserves have fallen by a total of $16.61 billion in three weeks.
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However, the fall in forex reserves during the latest week is the lowest in three weeks.
In the previous week, the country’s forex kitty had dropped by a significant $10.746 billion. In the week before that, it had fallen by $3.709 billion.
According to analysts, the forex reserves are decreasing mainly on the back of FPI outflows from equities.
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For the week ended October 18, foreign currency assets, a major component of the reserves, decreased by $3.865 billion to $598.236 billion, the data released on Friday showed.
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 increased by $1.786 million to $67.444 billion during the week. The special drawing rights (SDRs) were down by $68 million to $18.271 billion, the RBI said.
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India’s reserve position with the IMF was down by $16 million to $4.316 billion in the reporting week, the apex bank data showed.
At the end of September, the reserves had hit an all-time high of USD 704.885 billion.
