Forex reserves drop by $9.80 bn to $686.80 bn

In the previous reporting week, the forex reserves had jumped by $3.293 billion to $696.61 billion.

For the week ended January 2, foreign currency assets, a major component of reserves, decreased by USD 7.622 billion to USD 551.99 billion, the central bank’s data showed.

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of the gold reserves dropped by $2.058 billion to $111.262 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $25 million to $18.778 billion, the apex bank said.

India’s reserve position with the IMF dropped by $105 million to $4.771 billion in the reporting week, according to the apex bank’s data.