India’s forex reserves decline by over $1.16 billion

India’s foreign exchange reserves fell $1.169 billion during the week ended October 1, Khaleej Times reported.

The Reserve Bank of India’s (RBI) forex reserves declined to $637.477 billion from $638.646 billion reported for the week ended September 24.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs and the country’s reserve position with the International Monetary Fund.

On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.280 billion to $575.451 billion.

However, the value of the country’s gold reserves rose $128 million to $37.558 billion. The SDR value fell $138 million to $19.240 billion. In contrast, the country’s reserves position with the IMF rose $122 million to $5.228 billion.