India’s forex reserves dropped by $11.683 billion to $716.810 billion during the week ended March 6, the RBI said on Friday, March 13. In the previous reporting week, the overall reserves had increased by $4.885 billion to an all-time high of $728.494 billion.
For the week ended March 6, foreign currency assets, a major component of the reserves, decreased by $9.880 billion to $563.245 billion, according to data released by the central bank.
Expressed in dollar terms, the 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.
The value of the gold reserves declined by $1.612 billion to $130.017 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $146 million to $18.720 billion. India’s reserve position with the IMF also fell $45 million to $4.828 billion in the reporting week, according to data.
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