India’s foreign exchange reserves fell by a massive $1.64 billion to $314.66 billion for the week ended Dec 5, Reserve Bank of India (RBI) data showed.
The reserves had increased by $1.43 billion to $316.31 billion for the week ended Nov 28.
According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the Forex reserves, plunged $867.4 million at $289.95 billion in the week under review.
ADVERTISEMENT
The foreign currency assets had risen $1.42 billion at $290.82 billion in the week under review (Nov 28).
The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
India’s reserve position with the International Monetary Fund (IMF) was down $7.7 million to $1.51 billion.
ADVERTISEMENT
The value of special drawing rights (SDRs) was lower by $21.6 million at $4.20 billion.
Gold reserves for the week under review were down by $753.2 million at $18.98 billion.
The value of gold reserves which was static since Oct 3 at $20.01 billion and had declined by 275 million at $19.73 billion for the week ended Oct 31, remained the same in the week ended Nov 21.