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India's Forex Reserves Dip Below $717 Billion
8 Nov
Summary
- Forex reserves decreased by $2.691 billion to $717.056 billion.
- Foreign currency assets and gold holdings saw the largest declines.
- Reserves remain higher than end-March and year-ago levels.
In the week concluding October 30, India's foreign exchange reserves saw a reduction of $2.691 billion, bringing the total to $717.056 billion. This decrease was mainly attributed to a fall in foreign currency assets and gold holdings, which constitute the majority of the forex kitty. Foreign currency assets alone dropped by $2.088 billion, while gold reserves decreased by $559 million.
Further contributing to the decline, India's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell by $47 million. However, the country's reserve position with the IMF saw a slight uptick of $3 million. Despite this weekly contraction, India's foreign exchange reserves are still higher than they were at the close of March and also show an increase of $27.324 billion when compared to the same period last year.
