NEW DELHI: India’s foreign exchange reserves declined by $8.714 billion to $625.871 billion for the week ended January 10, as reported by the RBI on Friday. The continuous decline in reserves over recent weeks has been attributed to revaluation and RBI’s interventions in the forex market to stabilise rupee fluctuations.
Earlier, the reserves had decreased by $5.693 billion to $634.585 billion in the week ended January 3, according to the central bank.
The reserves had previously reached their peak at $704.885 billion at September’s end.
The foreign currency asests which constitute a significant portion of the reserves, reduced by $9.469 billion to $536.011 billion, as per the data released on Friday.
The foreign currency assets, when expressed in dollar terms, reflect the impact of value changes in non-US units such as the euro, pound and yen within the foreign exchange reserves.
The apex bank also mentioned that Special Drawing Rights (SDRs) decreased by $33 million to $17.781 billion and India’s reserve position with the IMF decreased by $4 million, standing at $4.195 billion in the reporting week.
Additionally, the RBI reported that gold reserves increased by $792 million, reaching $67.883 billion during this period.
