Forex Reserves Drop by USD 2.3 Bn to USD 700.2 Bn

India's forex reserves dropped by USD 2.334 billion to USD 700.236 billion during the week ended September 26, according to the RBI data on Friday.

In the previous reporting week, the kitty had declined by USD 396 million to USD 702.57 billion.

For the week ended September 26, foreign currency assets, a major component of the reserves, decreased by USD 4.393 billion to USD 581.757 billion, the data released by the RBI showed.

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

The gold reserves increased by USD 2.238 billion to USD 95.017 billion during the week, the central bank said.

The Special Drawing Rights (SDRs) were down by USD 90 million to USD 18.789 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 89 million to USD 4.673 billion in the reporting week, the data showed.