india-s-forex-kitty-down-to-usd-698-bn-value-of-gold-reserves-up

There was another drop in the country’s forex reserves in the week ended October 10, with the total reserves now being at USD 697.784 billion, as per data released by the Reserve Bank of India (RBI).

In the said week, forex reserves dropped by USD 2.176 billion, as against USD 276 million down in the previous reporting week when the total reserves were at USD 699.96 billion.

For the week ended October 10, foreign currency assets, a major component of the reserves, decreased by USD 5.605 billion to USD 572.103 billion, the data showed.

 

Also Read: India’s forex reserves drop below $700-bn

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.

The value of the gold reserves jumped by USD 3.595 billion to USD 102.365 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 130 million to USD 18.684 billion, the apex bank data said.

India’s reserve position with the IMF was also down by USD 36 million at USD 4.632 billion in the reporting week, it showed.