Forex stocks drop $11.68 bn to $716.81 bn

Mumbai: India’s forex reserves dropped by $11.683 billion to $716.810 billion during the week ended March 6, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had increased by $4.885 billion to an all-time high of $728.494 billion.

For the week ended March 6, foreign currency assets, a major component of the reserves, decreased by $9.880 billion to $563.245 billion, according to data released by the central bank.

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 declined by $1.612 billion to $130.017 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $146 million to $18.720 billion.

India’s reserve position with the International Monetary Fund (IMF) also fell $45 million to $4.828 billion in the reporting week, according to data.