MUMBAI: India's forex reserves have declined by $1.27 billion to $561.58 billion for the week ended January 6, according to data released by the Reserve Bank. Central Bank’s gold reserves increased by $ 461 million to $ 41.78 billion, it said.
The overall reserves had increased by $ 44 million to $ 562.85 billion in the previous reporting week after two consecutive weeks of the slide.
In October 2021, the country's foreign exchange reserves 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. 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.