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

The RBI said the decline in the week ended June 5 was driven by a drop in foreign currency assets, even as gold reserves rose sharply.

Forex Reserves Drop
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  • 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.

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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.

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