Forex Reserves Drop By $697 Million Due To Fall In Currency Assets
A man holds two thousand and five hundred Indian rupee banknotes for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Forex Reserves Drop By $697 Million Due To Fall In Currency Assets

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The country's foreign exchange reserves declined by $697.2 million to $428.952 billion in the week to Aug. 2, due to fall in foreign currency assets, the latest weekly data from the Reserve Bank of India showed.

In the previous reporting week, the reserves had declined by $727.1 million to $429.649 billion.

The reserves had touched a life-time high of $430.376 billion in the week to July 19.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, reduced by $633 million to $398.724 billion, the central bank said on Friday.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-U.S. units like the euro, pound and yen held in the reserves.

The country’s gold reserves fell by $166.4 million to $25.163 billion, according to the central bank data.

Special drawing rights with the International Monetary Fund fell by $9.5 million to $1.434 billion.

The country’s reserve position with the fund rose by $111.7 million to $3.629 billion.

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