India’s forex reserves drop by $3.709 billion: RBI

NEW DELHI: India’s forex exchange reserves declined $3.709 billion to $701.176 billion in the week ending on October 4, according to the Reserve Bank of India (RBI). Earlier, the forex kitty surged to record high of $704.885 after jumping $12.588 billion in the previous reporting week.
The data released on Friday revealed that foreign currency assets, which constitute a major portion of the reserves, fell by $ 3.511 billion to $612.643 billion for the week ended October 4.
The apex bank further said that that gold reserves decreased by $40 million to $65.756 billion during the week. The Special Drawing Rights (SDRs) also saw a decline of $123 million, bringing their total to $ 18.425 billion.
Lastly, the central bank data also mentioned that India’s reserve position with the International Monetary Fund (IMF) decreased by USD 35 million to USD 4.352 billion in the reporting week.
Expressed in terms of dollar, 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.