India’s forex reserves declined from USD 1.145 billion to USD 640.874 billion for the week concluded on November 5 on a drop-in currency and gold assets, the Reserve Bank said on Friday.
The overall reserves had grown by USD 1.919 billion to USD 642.019 billion for the prior reporting week.
The RBI in the weekly data stated a significant portion of the overall reserves, foreign currency assets depleted by USD 881 million to USD 577.581 billion for the reporting week. Displayed in dollar terms, the foreign currency assets include the impact of appreciation or depreciation of non-US units like the euro, pound and yen included in the foreign exchange reserves.
The data revealed that the value of the gold reserves declined by USD 234 million to USD 38.778 billion in the reporting week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by USD 17 million to USD 19.287 billion.
The country’s reserve position with the IMF reduced by USD 14 million to USD 5.228 billion in the reporting week, the data presented.