Forex Reserves Drop $2.7 Billion To $687 Billion

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 USD 5.623 billion to USD 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 USD 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.