India's Forex Reserves Drop to USD 638.698 Billion - RBI

Mumbai, Mar 7 (PTI) India's forex reserves dropped by USD 1.781 billion to USD 638.698 billion in the week ended February 28, the RBI said on Friday.

The overall forex kitty had jumped by USD 4.758 billion to USD 640.479 billion in the previous reporting week.

At the end of September 2024, the forex reserves touched an all-time high of USD 704.885 billion.

For the week ended February 28, foreign currency assets, a major component of the reserves, decreased by USD 493 million to USD 543.35 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.

Gold reserves decreased by USD 1.304 billion to USD 73.272 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 27 million to USD 17.998 billion, the apex bank said.

India's reserve position with the IMF fell by USD 12 million to USD 4.078 billion in the reporting week, the apex bank data showed.