India’s forex reserves declines by $878 mn to $632.7 bn

The country’s foreign exchange reserves declined by $878 million to stand at $632.736 billion in the week ended January 7, 2022. In the previous week ended December 31, India’s reserves dropped by $1.466 billion to $633.614 billion. The decline was mainly due to a fall in gold reserves and foreign currency assets (FCA). In the reporting week, FCAs decreased by $497 million to $569.392 billion.

The value of the country’s gold reserves inched down by $360 million to $39.044 billion, while SDR value was down by $16 million to $19.098 billion. India’s reserve position with the IMF dipped by $5 million to $5.202 billion.