Foreign exchange or forex reserves fell by $763 million to $640.112 billion in the week ending November 12, according to weekly data released by the Reserve Bank of India (RBI).
In the preceding week ending November 5, the reserves had fallen by $1.145 billion to $640.874 billion. Prior to that, the reserves had touched a lifetime high of $642.453 billion in the week ending September 3, 2021.
In the reporting week (ending November 12), the decline in the foreign exchange reserves was on account of a dip in foreign currency assets (FCA), a major component of the reserve.
FCA declined by $2.094 billion to $575.487 billion in the reporting week, according to the data.
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 were up by $1.461 billion to $40.239 billion in the reporting week.