India’s forex reserves drop $5.62 billion to $689.73 billion

Mumbai: India’s forex reserves dropped $5.623 billion to $689.733 billion for the week ended October 31, the Reserve Bank of India said on Friday.

The overall reserves had declined by $6.925 billion to $695.355 billion.

For the week ended October 31, foreign currency assets, a major component of the reserves, decreased by $1.957 billion to $564.591 billion, the data released by the RBI 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 value of the gold reserves declined by $3.81 billion to $101.726 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $19 million to $18.644 billion, the apex bank noted.

India’s reserve position with the International Monetary Fund (IMF) increased by $164 million to $4.772 billion in the reporting week, according to

the data.