Forex stocks fall $2.7 billion to $687 billion

Mumbai: India’s foreign exchange reserves dropped by another $2.699 billion to $687.034 billion during the week ended November 7, the RBI said on Friday.

The forex kitty has been on a declining trend for the past few weeks, and had decreased by $5.623 billion to $689.733 billion in the previous reporting week.

For the week ended November 7, foreign currency assets, a major component of the reserves, decreased by $2.454 billion to $562.137 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.

Value of the gold reserves declined by $195 million to $101.531 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $51 million to $18.594 billion, the apex bank said.

India’s reserve position with the International Monetary Fund (IMF) was unchanged at $4.772 billion in the reporting week, the apex bank data showed.