India's foreign exchange reserves decline by $4.50 billion to $528.37 billion

Mumbai: India's forex reserves dropped by $4.50 billion to $528.37 billion for the week ended October 14, the RBI said on Friday. The overall reserves had increased by $204 million to $532 billion in the previous reporting week, which was the first weekly increase in the kitty since August this year.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Foreign Currency Assets (FCA), a major component of the overall reserves, saw a drop of $2.828 billion to $468.668 billion during the week to October 14, according to the Weekly Statistical Supplement released by the RBI on Friday.

Gold reserves, whose value had risen by $1.35 billion in the previous reporting week, saw a decline of $1.502 billion in the value to $37.453 billion, it said.

The Special Drawing Rights (SDRs) were down by $149 million to $17.433 billion, the apex bank said. The country's reserve position with the IMF were down by $23 million to $4.813 billion in the reporting week, the apex bank data showed.