Forex reserves drop $ 2.7 billion to $ 687 billion

India’s foreign exchange reserves fell by USD 2.699 billion to USD 687.034 billion for the week ended November 7, according to data released by the Reserve Bank of India (RBI) on Friday. The decline marks yet another week of downward movement in the country’s forex kitty, which had already dipped by USD 5.623 billion to USD 689.733 billion in the previous reporting period.Foreign currency assets (FCAs), the largest component of the reserves, dropped by USD 2.454 billion to USD 562.137 billion. FCAs, expressed in dollar terms, also capture the impact of movements in major global currencies such as the euro, pound, and yen.
Gold reserves recorded a notable fall as well, decreasing by USD 195 million to USD 101.531 billion during the week. The Reserve Bank added that India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by USD 51 million to USD 18.594 billion.Meanwhile, India’s reserve position with the IMF remained stable at USD 4.772 billion in the reporting week.

(Business Correspondent)