India’s forex reserves dropped by $9.809 billion to $686.801 billion in the week to January 2, the Reserve Bank of India (RBI) said on Friday.In the previous reporting week, the forex reserves had jumped by $3.293 billion to $696.61 billion.
For the week ended January 2, foreign currency assets, a major component of reserves, decreased by $7.622 billion to $551.99 billion, the central bank’s data 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.Value of the gold reserves dropped by $2.058 billion to $111.262 billion during the week, the RBI said.The Special Drawing Rights (SDRs) were down by $25 million to $18.778 billion, the apex bank said.India’s reserve position with the IMF dropped by USD 105 million to $4.771 billion in the reporting week, according to the apex bank’s data.
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