India’s foreign exchange reserves decreased by $18.3 billion to $747.6 billion for the period concluding September 25, marking the largest weekly contraction ever recorded, according to data published by the Reserve Bank of India (RBI) on Friday.
Foreign currency assets (FCAs), representing the principal constituent of the reserves, decreased by $15.6 billion, settling at $615.4 billion for the stated week. Gold reserves decreased by $2.6 billion, settling at $108.7 billion during the week, as special drawing rights decreased by $97 million to $18.6 billion. India’s external reserves held with the International Monetary Fund (IMF) decreased by $86 million, registering at $4.8 billion, according to data released by the Reserve Bank of India.