After touching a life-time high in the previous week, the country’s foreign exchange reserves declined by $353 million to $541.660 billion in the week ended September 11, according to the Reserve Bank data. In the previous week ended September 4, the reserves had increased by $582 million to a record high of $542.013 billion. During the reporting week, the fall in reserves was due to a decline in foreign currency assets (FCAs), a major component of the overall reserves. FCAs decreased by $841 million to $497.521 billion in the reporting week, the 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. The gold reserves rose by $499 million in the reporting week to $38.02 billion.
The special drawing rights with the International Monetary Fund (IMF) marginally declined by $1 million to $1.482 billion during the week. The country’s reserve position with the IMF declined by $11 million to $4.637 billion during the reporting week, the data showed.
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