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The Reserve Bank of India’s foreign exchange reserves fell by $14.88 billion to $765.90 billion for the week ended September 18, marking the sharpest weekly decline since November 2024, according to data released on Friday. In the previous week, reserves had declined by $4.92 billion to $780.78 billion.
The latest decline takes the reserves about $19.1 billion below the record high of $785 billion reached in the week ended September 4.
The fall was largely driven by a decline in foreign currency assets, which account for more than four-fifths of the country’s total reserves. Foreign currency assets fell by $14.8 billion to $630.98 billion during the reporting week. Expressed in dollar terms, these assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
The value of gold reserves rose by $68 million to $111.292 billion.
The special drawing rights held by India declined by $106 million to $18.74 billion, while the country’s reserve position with the International Monetary Fund stood at $4.89 billion.
TOPICSforexThis article was first uploaded on September twenty-five, twenty twenty-six, at ten minutes past seven in the evening. © The Indian Express (P) Ltd