New Delhi: India Foreign exchange reserves For the week ended December 27, it fell by $4.112 billion to $640.279 billion. Reserve Bank of India (RBI) on Friday.
This followed a previous decline of $8.478 billion in the previous week ended December 20, bringing the total to $644.391 billion.
Reserves have seen a steady decline in recent weeks, mainly due to revaluation in the forex market and RBI interventions to stabilize rupee fluctuations. Earlier, the reserves reached an all-time high of $704.885 billion as of the end of September.
According to the data released, foreign currency assets, which are a major part of reserves, declined by $4.641 billion to $551.921 billion in the week ended December 27.
Foreign currency assets, when expressed in dollar terms, reflect the effects of value changes in non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
According to the RBI, during this period, gold reserves increased by $541 million to $66.268 billion, and special drawing rights (SDRs) decreased by $12 million to $17.873 billion.
India’s reserve position with the IMF remained stable at $4.217 billion during the reporting week, top bank data showed.