India’s forex stocks drop $4.386 bn to $690.72 bn

Mumbai: India’s forex reserves dropped $4.386 billion to $690.72 billion for the week ended August 22, the Reserve Bank of India (RBI) said on Friday.

The overall reserves had jumped $1.488 billion to $695.106 billion in the previous reporting week.

For the week ended August 29, foreign currency assets, a major component of the reserves, decreased $3.652 billion to $582.251 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 decreased $665 million to $85.003 billion during the week, the Reserve Bank of India said.

The special drawing rights (SDRs) were down $46 million to $18.736 billion, the Reserve Bank

said.

India’s reserve position with the International Monetary Fund (IMF) was also down $23 million at $4.731 billion in the reporting week, the apex bank data showed.