India’s forex reserves drop by USD 3.463 bn to USD 684.805 bn

Mumbai: India’s forex reserves dropped by USD 3.463 billion to USD 684.805 billion in the week ended October 25, the RBI said on Friday.

The overall reserves had dropped by USD 2.163 billion to USD 688.267 billion in the previous reporting week. In end-September, the reserves had hit an all time high of USD 704.885 billion.

For the week ended October 25, foreign currency assets, a major component of the reserves, decreased by USD 4.484 billion to USD 593.751 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 increased by USD 1.082 billion to USD 68.527 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 52 million to USD 18.219 billion, the apex bank said.

India’s reserve position with the IMF was down by USD 9 million to USD 4.307 billion in the reporting week, the apex bank data showed.