The country’s foreign exchange reserves decreased by $ 6.7 billion to reach $ 717.06 billion.

New Delhi. There has been a decline in foreign exchange reserves, considered a ‘security blanket’ for the economy. The country’s foreign exchange reserves declined by $6.71 billion to $717.06 billion during the week ending February 6. Due to this, foreign exchange reserves increased by $ 14.36 billion last week to reach the highest level of $ 723.77 billion.

The Reserve Bank of India (RBI) said in the data released on Friday that during the week ending February 6, foreign currency assets, an important component of foreign exchange reserves, increased by $ 7.66 billion to $ 570.05 billion. According to the Reserve Bank, the value of gold reserves during this period decreased by $ 14.21 billion to $ 123.47 billion.

According to the data, Special Drawing Rights (SDR) declined by $132 million to $18.82 billion during this period. According to RBI, during the week ending February 6, India’s reserves with the International Monetary Fund (IMF) also decreased by $ 32 million to $ 4.71 billion.