India’s foreign exchange reserves declined by USD 6.711 billion to USD 717.064 billion during the week ended February 6, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the forex kitty had surged by USD 14.361 billion to an all-time high of USD 723.774 billion.
Foreign currency assets rise
During the week ended February 6, foreign currency assets (FCAs), a major component of the reserves, increased by USD 7.661 billion to USD 570.053 billion, according to data released by the central bank.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the foreign exchange reserves.
Gold reserves see sharp decline
The value of gold reserves dropped by USD 14.208 billion to USD 123.476 billion during the week, the RBI said. Special Drawing Rights (SDRs) declined by USD 132 million to USD 18.821 billion, the apex bank added.
India’s reserve position with the International Monetary Fund (IMF) also fell by USD 32 million to USD 4.715 billion in the reporting week.
Previous week’s record high
For the week ended January 30, India’s forex reserves had jumped by USD 14.361 billion to a new all-time high of USD 723.774 billion, the RBI had said.
In the preceding reporting week, the reserves had increased by USD 8.053 billion to USD 709.413 billion, surpassing the earlier record high of USD 704.89 billion recorded in September 2024.
For the week ended January 30, foreign currency assets had decreased by USD 493 million to USD 562.392 billion, according to RBI data.
As with other weeks, foreign currency assets expressed in dollar terms include the impact of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
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