Forex stocks fall $1.877 bn to $686 bn

Mumbai: India’s forex reserves dropped by $1.877 billion to $686.227 billion during the week ended November 28, the RBI said on Friday.

In the previous reporting week, the overall reserves had declined by $4.472 billion to $688.104 billion.

For the week ended November 28, foreign currency assets, a major component of the reserves, decreased by $3.569 billion to $557.031 billion, the 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 increased by $1.613 billion to $105.795 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $63 million to $18.628 billion, the apex bank said.

India’s reserve position with the IMF was also up by $16 million to $4.772 billion in the reporting week, according to the apex bank’s data.