The foreign exchange reserves declined sharply to $695.36 billion for the week to October 24, losing $6.92 billion from the previous week when it nearly peaked.
The week to October 17 saw the reserves rising sharply on the back of a boost in gold reserves which rose close to $7 billion on the back of the record rally in the safe haven metal.
The reserves had peaked in the week to September 27, 2024 when it had scaled past the $704.8 billion mark, Since then, it fell massively but had climbed back over the $700 billion mark thrice including in the previous reporting week when it scaled past $702.28 billion.
For the reporting week, the foreign currency assets, the biggest major component of the reserves, fell by $3.862 billion to $566.548 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 value of the gold reserves also declined by $3.01 billion to $105.536 billion during the week, the RBI said. In the previous week, the value of the gold reserves, which crossed 880 tonnes, had increased by over $6 billion to over $107 billion, which was 13.9% of the total reserves.
The special drawing rights were also down by $58 million to $18.664 billion, the apex bank said.
The country’s reserve position with the IMF however rose by $6 million to $4.608 billion in the reporting week, the apex bank data showed.
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