The Reserve Bank of India announced on Friday that for the week ending October 31, India’s foreign exchange reserves fell $5.623 billion to $689.733 billion. To $695.355 billion, the total reserves had decreased by $6.925 billion.
Foreign currency assets, a significant portion of reserves, fell by $1.957 billion to $564.591 billion for the week ending October 31, according to data released on Friday. The effect of appreciation or depreciation of non-US units, such as the euro, pound, and yen held in the foreign exchange reserves, is included in the foreign currency assets, which are expressed in dollars.
The RBI reported that throughout the week, the value of the gold reserves dropped by $3.81 billion to $101.726 billion. The top bank reported that the Special Drawing Rights (SDRs) had decreased by $19 million to $18.644 billion. The data shows that during the reporting week, India’s reserve position with the IMF rose by $164 million to $4.772 billion.
