India’s foreign exchange reserves declined for the second consecutive week, ending $1.783 billion down at $635.905 billion for the week ended December 3, RBI data showed on Friday.
In the previous week, reserves had slid by $2.713 million to $637.687 billion.
Decline in FCA
In the reporting week ended December 3, the dip in the forex kitty was mainly on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.
FCA dropped by $1.483 billion to $573.181 billion in the reporting week, the data showed.
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 foreign exchange reserves.
Gold reserves were down by $407 million to $38.418 billion.
The special drawing rights with the International Monetary Fund were up by $90 million to $19.126 billion.
The country’s reserve position with the IMF also increased by $17 million to $5.18 billion in the reporting week.