India’s foreign exchange reserves dropped $8.578 billion in the week through Oct. 9, the Reserve Bank of India said, as the central bank’s figures showed decreases in each of the four reported components.
The RBI published the supplement Oct. 16. Its tables divide reserves among foreign currency assets, gold, Special Drawing Rights and India’s reserve position in the International Monetary Fund.
Foreign currency assets made up $597.605 billion of the total after a $7.142 billion fall. Gold was valued at $105.094 billion, down $1.319 billion. Special Drawing Rights came to $18.548 billion following a $109 million decrease, and India’s reserve position in the IMF was $4.780 billion after dropping $10 million.
Moneycontrol reported that Gaura Sengupta, chief economist at IDFC First Bank, estimated net dollar sales at about $9.8 billion. Sengupta characterized valuation effects as positive for foreign currency assets and negative for gold, the outlet reported.
A separate entry in the RBI supplement recorded ₹58,569 crore in loans and advances to state governments on Oct. 9. That balance was ₹20,155 crore above the previous week’s level and ₹42,453 crore higher than a year earlier. The RBI marked the balance-sheet figures provisional.
Adding the four component decreases produces $8.580 billion, $2 million more than the reported overall decline. The RBI said rounding may account for differences.
