India's Foreign Exchange Reserves Declined by 2.7 Billion in November First Week, Says RBI

New Delhi: During the week ended November 7, India's foreign exchange reserves further declined by another USD 2.699 billion and stood at USD 687.034 billion the Reserve Bank of India (RBI) said on November 14.

Earlier, in the previous reporting week, the forex kitty, which has been on a decreasing trend for the past few weeks had decreased by USD 5.623 billion to USD 689.733 billion, reported Press Trust of India.

Foreign currency assets, which is one of the major component of the reserves fell by USD 2.454 billion to USD 562.137 billion for the week ended November 7,reveals the RBI data.

When expressed in dollar terms, the foreign currency assets include the impact of appreciation or depreciation of non-US units such as the Euro, Pound and Yen held in the foreign exchange reserves.

The RBI added that the value of the gold reserves also declined by USD 195 million to USD 101.531 billion during the week. The Special Drawing Rights (SDRs) decreased by USD 51 million to USD 18.594 billion, said RBI.

According to the RBI data, India's reserve position with the International Monetary Fund (IMF) remained unchanged at USD 4.772 billion in the reporting week.

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