Forex reserves decline $9.65 bn to $622.27 bn

The country's foreign exchange reserves declined $9.646 billion to $622.275 billion in the week ended March 11, according to the latest data from the RBI.

In the previous week ended March 4, the reserves rose $394 million to $631.92 billion. It touched a lifetime high of $642.453 billion in the week ended September 3, 2021.

During the reporting week, the decline in the reserves was due to a fall in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India's (RBI) weekly data released on Friday showed. FCA decreased by $11.108 billion to $554.359 billion in the week ended March 11.

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 increased $1.522 billion to $43.842 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $53 million to $18.928 billion, the RBI said.

The country's reserve position with the IMF decreased by $7 million to $5.146 billion in the reporting week, the data showed.