India’s forex stocks fall $276 mn to $699.96 bn

Mumbai: India’s foreign exchange reserves fell by $276 million to $699.96 billion during the week ended October 3, according to Reserve Bank of India (RBI) data.

In the previous reporting week, India’s forex reserves had dropped by $2.334 billion to $700.236 billion.

For the week ended October 3, foreign currency assets, a major component of the reserves, decreased by $4.049 billion to $577.708 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 increased by $3.753 billion to $98.77 billion during the week, the Reserve

Bank of India said.

The Special Drawing Rights (SDRs) were up by $25 million to $18.814 billion, the central bank said.

India’s reserve position with the International Monetary Fund (IMF) declined by $4 million to $4.6669 billion in the reporting week, the RBI data showed.