Forex reserves drop $4.85 bn to $532.66 bn

Mumbai: India's forex reserves dropped by $4.854 billion to $532.664 billion as on September 30, the Reserve Bank said on Friday.

The reserves, which have been dipping as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments, had declined by over $8.134 billion to $537.518 billion in the previous reporting week.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion.

The drop in the reserves for the week ended September 30 was on account of a dip in the Foreign Currency Assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

The FCAs dropped by $4.406 billion to $472.807 billion during the reporting week, the apex bank said.

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.

The value of the gold reserves decreased by $281 million to $37.605 billion, the data showed.

The Special Drawing Rights (SDRs) dropped by $167 million to $17.427 billion, the RBI said.

The country's reserve position with the IMF was unchanged at $4.826 billion in the reporting week, the apex bank data showed.