India’s foreign exchange reserves declined by $6.477 billion to $675.653 billion
New Delhi: India’s foreign exchange reserves declined by $6.477 billion to $675.653 billion for the week ending November 8, according to RBI data released on Friday.
This follows a drop of $2.675 billion in the previous week, bringing the reserves down from all-time high of $704.885 billion at the end of September, continuing a multi-week downward trend.
The decline was primarily driven by a $4.467 billion reduction in foreign currency assets, which stood at $585.383 billion.
These assets, expressed in dollar terms, also reflect the impact of currency fluctuations involving non-US currencies like the euro, pound, and yen.
Gold reserves fell by $1.936 billion to $67.814 billion during the same period. Meanwhile, the Special Drawing Rights (SDRs) dipped by $60 million to $18.159 billion, and India’s reserve position with the IMF decreased by $14 million to $4.298 billion, the RBI reported.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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