India’s forex reserves decline by $4.47 billion to $688.10 billion as of November 21

India’s foreign exchange reserves declined by USD 4.47 billion to reach USD 688.10 billion for the week ending November 21, the Reserve Bank of India (RBI) said on Friday. This comes after a sharp rise of USD 5.543 billion in the previous reporting week, when reserves were at USD 692.576 billion.

The Gold Reserves were down by USD 2.67 billion, taking the total to USD 104.18 billion.

Similarly, the Foreign Currency Assets (FCAs), the largest component of India’s reserves, witnessed a dip of USD 169 million, bringing the total to USD 560.60 billion.

The RBI noted that FCA figures also capture the impact of movements in major international currencies such as the euro, pound, and yen, held as part of India’s reserves. Appreciation or depreciation in these currencies against the US dollar can influence the reported value.

Two movement in smaller components of the reserves were as followed :

Special Drawing Rights (SDRs): Down by USD 84 million to USD 18.56 billion.
Reserve position in the IMF: Higher by USD 23 million, reaching USD 4.75 billion.