Mumbai: India’s forex reserves dropped by USD 6.477 billion to USD 675.653 billion for the week ended November 8, the RBI said on Friday. In the previous reporting week, the forex reserves had dropped by USD 2.675 billion to USD 682.13 billion.
The kitty, which had hit an all-time high of USD 704.885 billion in end-September, has been declining for multiple weeks. For the week ended November 8, foreign currency assets, a major component of the reserves, decreased by $4.467 billion to $585.383 billion, the data released on Friday showed.
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 decreased by $1.936 billion to USD 67.814 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $60 million to $18.159 billion, the apex bank said. India’s reserve position with the IMF was also down by $14 million to $4.298 billion in the reporting week, the apex bank data showed.
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