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India’s foreign exchange reserves fell by $10.746 billion to $690.43 billion in the week ended October 11, one of the biggest declines in recent times, the Reserve Bank of India said on Friday. The country’s foreign exchange reserves have declined for the second consecutive week. The reserves had fallen by $3.709 billion to $701.176 billion in the previous reporting week, PTI reported. The reserves had hit an all-time high of $704.885 billion in late September.
Gold reserves decreased by US $ 98 million
According to the news, according to the data released on Friday, foreign currency assets, which are a major component of the reserves, declined by US $ 10.542 billion to US $ 602.101 billion in the week ended October 11. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US units such as euro, pound, and yen held in the foreign exchange reserves. RBI said that during this week, gold reserves declined by US $ 98 million to US $ 65.658 billion.
SDR decreased by US$86 million
The central bank said that the special drawing rights (SDRs) fell by US$86 million to US$18.339 billion. According to the data, India’s reserve position with the IMF fell by US$20 million to US$4.333 billion.
For the first time when it crossed 700 billion dollars
The country’s foreign exchange reserves rose by $12.59 billion to an all-time high of $704.88 billion in the week ended September 27. The country’s foreign exchange reserves had risen by $2.84 billion to $692.29 billion in the previous week. The current $12.59 billion is one of the highest weekly increases ever. This is the first time the reserves have crossed the $700 billion mark.
