Forex reserves drop $3.85 billion to $524.52 billion

Agencies
India's forex reserves dropped by $3.85 billion to $524.52 billion for the week ended October 21, the RBI said on Friday.
The overall reserves had dropped by $4.50 billion to $528.37 billion in the previous reporting week, and have been
declining for many months now.
In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused
majorly by global developments.
Foreign currency assets (FCA), a major component of the overall reserves, saw a drop of $3.59 billion to
$465.07 billion during the week to October 21, according to the Weekly Statistical Supplement released by the RBI
on Friday.
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 saw a decline of $247 million in value to $37.21 billion, it said.
The Special Drawing Rights (SDRs) were up by $7 million to $17.44 billion, the apex bank said.
The country's reserve position with the IMF was down by $14 million to $4.799 billion in the reporting week, the central
bank data showed.