Forex stocks drop by $3 bn to $699.736 bn

Mumbai: India’s forex reserves dropped by $3.049 billion to $699.736 billion in the week ended July 4, the RBI said on Friday.

In the previous reporting week, the overall reserves had jumped by $4.849 billion to $702.784 billion. The reserves had touched an all-time high of $704.885 billion in end-September 2024.

For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by $3.537 billion to $591.287 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.

The gold reserves were up by $342 million to $84.846 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $39 million to $18.868 billion, the apex bank said.

India’s reserve position with the IMF jumped by $107 million to $4.735 billion in the reporting week, the apex bank data showed.