India's Forex Reserves Drop by USD 10.75 Billion

Mumbai, Oct 18 (PTI) Declining for the second straight week, India's forex reserves dropped USD 10.746 billion to USD 690.43 billion for the week ended October 11 in one of the largest decreases in the kitty in recent times, the RBI said on Friday.

In the previous reporting week, the reserves had dropped by USD 3.709 billion to USD 701.176 billion.
At the end of September, the reserves had hit an all-time high of USD 704.885 billion.

For the week ended October 11, foreign currency assets, a major component of the reserves, decreased by USD 10.542 billion to USD 602.101 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 98 million to USD 65.658 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 86 million to USD 18.339 billion, the apex bank said.

India's reserve position with the IMF was down by USD 20 million to USD 4.333 billion in the reporting week, the apex bank data showed.