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The country’s foreign exchange reserves declined by $1.581 billion to stand at $611.149 billion for the week ended July 23, RBI data showed on Friday.
The reserves had reached a lifetime high of $612.730 billion after rising by $835 million in the previous week ended July 16, 2021. In the reporting week, the drop in the reserves was mainly due to a fall in foreign currency assets (FCAs), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI). FCAs declined by $1.12 billion to $567.628 billion.
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.
Gold reserves were down by $449 million to $36.884 billion in the reporting week.