There was a drop in India’s forex reserves in the week that ended on November 21, due to a steep decrease in India’s gold reserves’ valuation, said the Reserve Bank of India (RBI), in data released on Friday.
The forex reserves dropped USD 4.472 billion to USD 688.104 billion in the week, although the overall reserves had increased by USD 5.543 billion to USD 692.576 billion in the previous reporting week.
Value of the gold reserves decreased by USD 2.675 billion to USD 104.182 billion during the week, the RBI said.
For the week ended November 21, foreign currency assets, a major component of the reserves, decreased by USD 1.69 billion to USD 560.6 billion, the data released showed.
Also Read: Forex reserves drop by USD 5.62-bn to USD 689.73-bn
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
The Special Drawing Rights (SDRs) also decreased by USD 84 million to USD 18.566 billion, the apex bank said.
India’s reserve position with the IMF also fell by USD 23 million to USD 4.757 billion in the reporting week, according to the central bank’s data.
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