Forex reserves drop by USD 1.88 billion to USD 686 billion

Mumbai, Dec 5 (PTI) India's forex reserves dropped by USD 1.877 billion to USD 686.227 billion during the week ended November 28, the RBI said on Friday.

In the previous reporting week, the overall reserves had declined by USD 4.472 billion to USD 688.104 billion.

For the week ended November 28, foreign currency assets, a major component of the reserves, decreased by USD 3.569 billion to USD 557.031 billion, the data showed.

Expressed in dollar terms, the 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.

Value of the gold reserves increased by USD 1.613 billion to USD 105.795 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 63 million to USD 18.628 billion, the apex bank said.

India's reserve position with the IMF was also up by USD 16 million to USD 4.772 billion in the reporting week, according to the apex bank's data.