India's Forex Reserves Drop $711 Mn to $681.610 Bn: RBI Data

• India’s forex reserves fell to $681.610 billion in the week ended June 5.

• Foreign currency assets dropped $2.704 billion to $543.444 billion.

• Gold reserves rose $1.975 billion to $114.575 billion.

India's forex reserves dropped $711 million to $681.610 billion during the week ended June 5 due to a sharp decline in foreign currency reserves, the RBI said on Friday.

In the previous reporting week, the overall reserves had jumped $938 million to $682.321 billion.

For the week ended June 5, foreign currency assets -- a major component of the reserves -- was down $2.704 billion to $543.444 billion, the data released by the Reserve Bank of India (RBI) showed.

Expressed in dollar terms, 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.

However, the value of gold reserves increased $1.975 billion to $114.575 billion during the week, the RBI said.

The special drawing rights (SDRs) were up $18 million to $18.765 billion, the RBI said.

India's reserve position with the IMF stood at $4.826 billion in the reporting week, it added.