forex-reserves-drop-to-usd-688-87-bn

The Reserve Bank of India’s data revealed on Friday that the country’s forex reserves had seen one of the highest declines in recent past, dropping by a massive USD 9.322 billion for the week that ended on August 1.

While the overall reserves had risen by USD 2.703 billion to USD 698.192 billion in the previous reporting week, they now stood at USD 688.871 billion.

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.

 

Also Read: Forex reserves rebound after three-week dip

The gold reserves of the country also decreased by USD 1.706 billion to USD 83.998 billion during the week, the RBI stated.
The Special Drawing Rights (SDRs) were down by USD 237 million to USD 18.572 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 59 million at USD 4.694 billion in the reporting week, the apex bank data showed.