India’s forex reserves declined USD 4.472 billion to USD 688.104 billion during the week ended November 21 due to a steep decrease in the value of gold reserves, the RBI said on Friday.
Forex reserves decline by $1.69 billion
The overall reserves had increased by USD 5.543 billion to USD 692.576 billion in the previous reporting week. For the week ended November 21, foreign currency assets, a major component of the reserves, decreased by USD 1.69 billion to USD 560.6 billion, the data released showed.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Gold reserves declined by $2.67 billion
Value of the gold reserves decreased by USD 2.675 billion to USD 104.182 billion during the week, the RBI said. The Special Drawing Rights (SDRs) also decreased by USD 84 million to USD 18.566 billion, the apex bank said.
India’s reserve position with the IMF also fell by USD 23 million to USD 4.757 billion in the reporting week, according to the apex bank’s data.