Mumbai, Mar 27: India’s forex reserves dropped by USD 11.413 billion to USD 698.346 billion during the week ended March 20 due to a sharp decrease in gold reserves, the RBI said on Friday.
In the previous reporting week, the overall reserves had dropped USD 7.052 billion to USD 709.759 billion.
The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the West Asia conflict.
For the week ended March 20, foreign currency assets, a major component of the reserves, increased by USD 2.127 billion to USD 557.695 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
However, the value of gold reserves decreased by USD 13.495 billion to USD 117.186 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down USD 65 million to USD 18.632 billion, the apex bank said.
India’s reserve position with the IMF was up by USD 19 million to USD 4.833 billion in the reporting week, according to the apex bank’s data. (PTI)
