Forex reserves drop $4.8 bn to $670.11 bn

Mumbai: India’s forex reserves dropped by $4.8 billion to $670.119 billion for the week ended August 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the kitty jumped by $7.533 billion to an all-time high of $674.919 billion. For the week ended August 9, foreign currency assets, a major component of the reserves, decreased by $4.079 billion to $587.96 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 declined by $860 million to $59.239 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $121 million to $18.282 billion, the apex bank said. India's reserve position with the IMF increased by $18 million to $4.638 billion in the reporting week, the central bank data showed.