India’s forex reserves drop $2.119 bn to $723.608 Bn

India’s forex reserves dropped by $2.119 billion to $723.608 billion during the week ended February 20, the RBI said on Friday.In the previous reporting week, the overall reserves had jumped by $8.663 billion to a new all-time high of $725.727 billion.For the week ended February 20, foreign currency assets, a major component of the reserves, decreased by $1.039 billion to $572.564 billion, the data released by the central bank 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.The value of the gold reserves dropped by $977 million to $127.489 billion during the week, the RBI said.The Special Drawing Rights (SDRs) were down by $84 million to $18.84 billion, the apex bank said.India’s reserve position with the IMF was also down by $18 million to $4.716 billion in the reporting week, according to the apex bank’s data.

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