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India’s forex reserves decline $1.14 billion to $640.8 billion


MUMBAI: India’s forex reserves decreased by $1.145 billion to $640.874 billion for the week ended on November 5 on a fall in currency and gold assets, the Reserve Bank said on Friday. The overall reserves had increased by $1.919 billion to $642.019 billion for the previous reporting week. Foreign currency assets, a major part of the overall reserves, decreased by $881 million to $577.581 billion for the reporting week, the RBI said in the weekly data. 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 decreased by $234 million to $38.778 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased by $17 million to $19.287 billion. The country’s reserve position with the IMF decreased by $14 million to $5.228 billion in the reporting week, the data showed.


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