Mumbai: India’s forex reserves dropped USD 711 million to USD 681.610 billion during the week ended June 5 due to a sharp decline in foreign currency reserves, the RBI said Friday.
In the previous reporting week, the overall reserves had jumped USD 938 million to USD 682.321 billion.
For the week ended June 5, foreign currency assets — a major component of the reserves — was down USD 2.704 billion to USD 543.444 billion, the data released by the Reserve Bank of India (RBI) showed.
Expressed in dollar terms, foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
However, the value of gold reserves increased USD 1.975 billion to USD 114.575 billion during the week, the RBI said.
The special drawing rights (SDRs) were up USD 18 million to USD 18.765 billion, the RBI said.
India’s reserve position with the IMF stood at USD 4.826 billion in the reporting week, it added.
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