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Declining for the second straight week, India’s forex reserves dropped $10.75 billion to $690.43 billion for the week ended October 11 in one of the largest decreases in the kitty in recent times, the RBI said on Friday.
Photograph: Dado Ruvic/Reuters
In the previous reporting week, the reserves had dropped by $3.71 billion to $701.18 billion.
At the end of September, the reserves had hit an all-time high of $704.88 billion.
For the week ended October 11, foreign currency assets, a major component of the reserves, decreased by $10.54 billion to $602.10 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 decreased by $98 million to $65.66 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $86 million to $18.339 billion, the apex bank said.
India’s reserve position with the IMF was down by $20 million to $4.33 billion in the reporting week, the apex bank data showed.
