India's forex reserves dropped by $691 million to $562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data.
The overall reserves had dropped by $571 million to $563.499 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty.
In October 2021, the country's foreign exchange reserves reached an all-time high of $645 billion. The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments.
Foreign currency assets (FCA), a major component of the overall reserves, decreased by $1.134 billion to $498.49 billion during the week to December 23, according to the Weekly Statistical Supplement released by the RBI.
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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 by $390 million to $40.969 billion, it said.
The Special Drawing Rights (SDRs) were up by $8 million to $18.19 billion, the apex bank said.
The country's reserve position with the International Monetary Fund (IMF) was up by $45 million to $5.159 billion in the reporting week, the data showed.
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