Foreign exchange declined by 76 763 million while gold reserves increased

MUMBAI: India's total forex reserves, which are setting new records every week following a sell-off in foreign funds, saw a modest decline last week. The country's foreign exchange reserves fell by ૩ 25 million to ૬૪ 40.114 billion in the week ended November 15, the Reserve Bank of India said in a weekly report.

In the previous week, November 7, the foreign exchange reserves had declined by ૪૫ 1.15 billion to 20.8 billion. The week of September 3 saw a record increase in foreign exchange reserves to 2.3 billion, with total reserves reaching an all-time high of 4.5 billion.

The reason for the decline in total reserves is the reduction of FCA. Foreign currency assets fell by ૯૪ 4.08 billion to ૪૮૭ 2.8 billion this week, according to the report.

Foreign currency assets, which account for a significant share of the total reserves. Depreciation of global currencies other than the dollar, such as the euro, pound and yen, against the dollar also affects the FCA.

Gold reserves rose by ૪૬ 1.81 billion to 20.4 billion.

According to a report released by the RBI, the SDR held by the IMF fell by ૩ 1.04 billion to ૯ 16.12 billion. Apart from this, the total reserves of the IMF have been reduced by ૭ 25 million to ૨ 2.201 billion.