Forex reserves fall by $587 mn to $635.08 bn

Mumbai: India's forex reserves decreased by $587 million to $635.08 billion for the week ended December 24, the RBI said on Friday.

In the previous week ended December 17, the overall reserves had decreased by $160 million to $635.667 billion. The kitty had touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

For the reporting week ended December 24, the dip in the overall reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.

FCA dipped by $847 million to $571.369 billion in the reporting week, the RBI data 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 rose by $207 million to $39.39 billion in the reporting week, the apex bank data showed.