Forex reserves dip by $5.219 to $545.652 billion as of 16 September

The fall in the reserves for the week ended 16 September was on the account of a dip in the Foreign Currency Assets, a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI on Friday

Press Trust of India September 23, 2022 22:11:51 IST
Forex reserves dip by $5.219 to $545.652 billion as of 16 September

Representational image. AFP

Mumbai: The country’s forex kitty continued its southward journey, with the overall reserves declining by $5.219 billion to $545.652 billion for the week ended 16 September, the RBI said on Friday.

The reserves, which have been dipping as the Central bank deploys the kitty to defend the rupee amid a pressure caused majorly by global developments, had declined by $2.23 billion to $550.87 billion in the previous week.

The fall in the reserves for the week ended 16 September was on the account of a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

The FCA decreased by $4.698 billion to $484.901 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 $458 million to $38.186 billion, the data showed.

The Special Drawing Rights (SDRs) dropped by $32 million to $17.686 billion, the RBI said.

The country’s reserve position with the IMF was down by $31 million to $4.88 billion in the reporting week, the data showed.

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