Forex Reserves Fall $1.31 Bn To $656.5 Bn

Mumbai: India’s forex reserves dropped $1.31 billion to $656.582 billion for the week ended November 22, the Reserve Bank of India (RBI) said.

The kitty had dropped a record $17.761 billion to $657.892 billion in the previous reporting week ending November 15. The reserves, which had hit an all-time high of $704.885 billion in end-September, have been declining for multiple weeks, at a time when the rupee has also been under pressure. For the week ended November 22, foreign currency assets -- a major component of the reserves -- decreased $3.043 billion to $566.791 billion, the data, which was 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 increased $1.828 billion to $67.573 billion during the week, the RBI said. The special drawing rights (SDRs) were down $79 million to $17.985 billion, the apex bank said. India's reserve position with the IMF was also down $15 million to $4.232 billion in the reporting week, the RBI data showed.