Forex Reserves Drop $ 2.7 Bn to $ 687 Bn

India's foreign exchange reserves dropped by another $ 2.699 billion to $ 687.034 billion during the week ended November 7, the RBI said on Friday.

The forex kitty has been on a declining trend for the past few weeks, and had decreased by $ 5.623 billion to $ 689.733 billion in the previous reporting week.

For the week ended November 7, foreign currency assets, a major component of the reserves, decreased by $ 2.454 billion to $ 562.137 billion, the data released on Friday showed.

Expressed in dollar terms, the 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.

Value of the gold reserves declined by $ 195 million to $ 101.531 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $ 51 million to $ 18.594 billion, the apex bank said.

India's reserve position with the IMF was unchanged at $ 4.772 billion in the reporting week, the apex bank data showed.