India’s forex stocks drop by $3.235 bn to $654.857 bn

Mumbai: India’s forex reserves dropped by $3.235 billion to $654.857 billion for the week ended December 6, the RBI said on Friday.

In the previous reporting week, the reserves had jumped by $1.51 billion to $658.091 billion, ending a multi-week decline in the overall kitty. The forex reserves had increased to an all-time high of $704.885 billion in end-September.

For the week ended December 6, foreign currency assets, decreased by $3.228 billion to $565.623 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.

Gold reserves decreased by $43 million to $66.936 billion during the week, the RBI said.

The Special Drawing Rights were up by $25 million to $18.031 billion, the apex bank said. India’s reserve position with the IMF was also up by $12 million to $4.266 billion in the reporting week, the apex bank data showed.