India's forex reserves drop USD 2.119 billion to USD 723.608 billion

Mumbai: India's forex reserves dropped by USD 2.119 billion to USD 723.608 billion during the week ended February 20, the RBI said on Friday.

In the previous reporting week, the overall reserves had jumped by USD 8.663 billion to a new all-time high of USD 725.727 billion.

For the week ended February 20, foreign currency assets, a major component of the reserves, decreased by USD 1.039 billion to USD 572.564 billion, the data released by the central bank 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 dropped by USD 977 million to USD 127.489 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 84 million to USD 18.84 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 18 million to USD 4.716 billion in the reporting week, according to the apex bank's data.