Forex tracker: Reserves drop $2.7 bn to $687 bn; weekly decline driven by FCA and gold
The forex kitty had already declined by $5.623 billion in the previous week to $689.733 billion, extending what has become a steady downward trend, PTI reported.During the latest week, foreign currency assets — the largest component of reserves — dropped by $2.454 billion to $562.137 billion.
FCA values also reflect currency movements in euro, pound and yen against the US dollar.Gold reserves fell as well, decreasing by $195 million to $101.531 billion.
Special Drawing Rights (SDRs) slipped by $51 million to $18.594 billion.India’s reserve position with the International Monetary Fund remained unchanged at $4.772 billion during the week, the RBI said.
