Forex stocks fall $3.471 bn to $667.386 bn

Mumbai: India’s foreign exchange reserves dropped by $3.471 billion to $667.386 billion for the week ended July 26, according to the Reserve Bank of India (RBI) data released on Friday.

In the previous reporting week, the kitty had jumped by $4.003 billion to an all-time high of $670.857 billion.

For the week ended July 26, foreign currency assets, a major component of the reserves, decreased by $1.171 billion to $586.877 billion, the data

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 decreased by $2.297 billion to $57.695 billion during the week, the data showed.

The Special Drawing Rights (SDRs) were down by $5 million to $18.202 billion.

India’s reserve position with the International Monetary Fund (IMF) was up by $2 million to $4.612 billion in the reporting week.