India's forex reserves drop below $700 bn

 India's forex reserves drop below $700 bn

India’s foreign exchange reserves declined by $276 million, reaching $699.96 billion for the week ending October 3, as per the latest data released by the Reserve Bank of India (RBI).

In the previous week, the reserves had witnessed a sharper fall of $2.334 billion, bringing them down to $700.236 billion.

During the week under review, foreign currency assets (FCA) — the largest component of the forex reserves — dropped by $4.049 billion to $577.708 billion, according to the RBI data released on Friday.

The FCA figures, expressed in US dollar terms, also reflect the impact of fluctuations in the value of other major currencies such as the euro, pound, and yen held within the reserves.

Value of the gold reserves increased by $3.753 billion to $98.77 billion during the week, the RBI said. 

The Special Drawing Rights were up by $25 million to $18.814 billion, the central bank said. -- PTI