After touching a lifetime high in previous week, the country’s foreign exchange reserves declined $469 million to $574.821 billion in the week ended November 27, RBI data showed. In the previous week ended November 20, the reserves had increased by $2.518 billion to touch a record high of $575.29 billion.
In the reporting week, the reserves declined despite an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $352 million to $533.455 billion, according to the weekly data by the Reserve Bank of India (RBI).
Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves declined by $822 million to $35.192 billion in the week ended November 27, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose marginally by $2 million to $1.494 billion. The country’s reserve position with IMF decreased by $1 million to $4.679 billion.