Mumbai: India’s foreign exchange reserves dropped by $5.72 billion to $314.66 billion for the week ended Nov 4 due to decline in the value of gold reserves and foreign currency assets, official data showed.
The forex reserves kitty has declined for the first time in the last five weeks under review.
Foreign currency assets, the biggest component of the forex reserves kitty, declined by $3.87 billion to $280.57 billion for the week ended Nov 4, according to the weekly statistical supplement of the Reserve Bank of India (RBI).
The RBI does not provide any reason for the change in the foreign currency assets. It says the 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 the reserves.
The value of gold reserves slumped by $1.77 billion to $26.89 billion.
All the components of the forex reserves kitty registered decline during the week under review.
India’s reserves with the International Monetary Fund (IMF) fell by $32 million to $2.64 billion and the value of special drawing rights (SDRs) declined by $54 million to $4.55 billion.