India's Forex Reserves Decline To $780.78 Billion After Record High Of $785.71 Billion

Mumbai, September 18 - India's foreign exchange reserves dipped to $780.78 billion in the week concluding September 11, according to data published by the Reserve Bank of India (RBI) on Friday. This decline follows a record high of $785.71 billion in the week ending September 4.

The significant surge in reserves occurred after a substantial increase of $44.90 billion. Prior to that, the reserves expanded by $11.47 billion in the week ending August 28, reaching $740.80 billion. The largest component of India's forex reserves, foreign currency assets (FCA), amounted to $648.17 billion in the week ending September 4. FCA holdings experienced a rise of $47.498 billion during the week, surpassing the levels from March and year-ago periods.

The Bank of Japan raised its interest rate to 1.25%, the highest level in three decades. India's holdings of gold and IMF reserves also saw changes. Gold reserves stood at $113.816 billion as of September 4, up $23.517 billion from a year earlier, though they were $1.580 billion below their March-end level. India's SDRs with the International Monetary Fund (IMF) totaled $18.806 billion on September 4, $184 million more than at the end of March and $64 million above the level a year ago.

The country's reserve position with the IMF was $4.916 billion, increasing slightly during the week ending September 4, with a $108 million rise from March and $168 million above the year-ago level.