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India’s forex reserves drop by $1.268 bn to $561.583 bn

India’s forex reserves declined by $1.268 billion to $561.583 billion for the week ended January 6, according to data released by Reserve Bank said on Friday.

The overall forex reserve had increased by $44 million to $562.851 billion in the previous reporting week after it declined for two consecutive weeks.

In October 2021, the country’s foreign exchange reached an all-time high of $645 billion. The reserves had been declining as the central bank deployed the reserves to defend the rupee amid pressures caused by global developments.

Foreign currency assets (FCA), a major component of the overall reserves, dropped by $1.747 billion to $496.441 billion during the week to January 6, according to the Weekly Statistical Supplement released by the RBI.

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.

Gold reserves increased by $461 million to $41.784 billion, it said.

The Special Drawing Rights (SDRs) were up by $35 million to $18.217 billion, the apex bank said.

The country’s reserve position with the International Monetary Fund (IMF) was down by USD 18 million to USD 5.141 billion in the reporting week, the data showed.

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