Forex reserves down by USD 2.7 million to USD 637.7 billion: RBI data

The country's foreign exchange reserves declined by USD 2.713 billion to USD 637.687 billion in the week to November 26, RBI data showed.

In the previous week ended November 19, the reserves had increased by USD 289 million to USD 640.401 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

In the reporting week ended November 26, the dip in the foreign exchange reserves was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.

FCA dropped by USD 1.048 billion to USD 574.664 billion in the reporting week, the data showed.

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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 USD 1.566 billion to USD 38.825 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 74 million to USD 19.036 billion.

The country's reserve position with the IMF declined by USD 25 million to USD 5.162 billion in the reporting week, the data showed.