Forex reserves drop by $2.67 bn to $682.13 bn

Mumbai: India's forex reserves declined by USD 2.675 billion to USD 682.13 billion for the week ended November 1, the RBI said on Friday.

In the previous reporting week, the overall reserves had dropped by USD 3.463 billion to USD 684.805 billion. In September- end, the reserves had hit an all-time high of USD 704.885 billion.

For the week ended November 1, foreign currency assets, a major component of the reserves, decreased by USD 3.902 billion to USD 589.849 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 increased by USD 1.224 billion to USD 69.751 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 1 million to USD 18.219 billion, the apex bank said.

India's reserve position with the IMF was up by USD 4 million to USD 4.311 billion in the reporting week, the data showed.