India's forex reserves down $778 mn

India's foreign exchange reserves fell by $778.4 million to $315.13 billion for the week ended Nov 7, Reserve Bank of India (RBI) data showed.

The reserves had grown by $1.73 billion to $315.91 billion for the week ended Oct 31.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined by $726 million at $289.63 billion in the week under review. 

The foreign currency assets had risen by $2.03 billion at $290.36 billion in the previous ended Oct 31.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve. 

India's reserve position with the International Monetary Fund (IMF) was down $13.9 million to $1.52 billion. The value of special drawing rights (SDRs) was lower by $8 million at $4.23 billion. 

The value of gold reserves which was static since Oct 3 at $20.01 billion and had declined by 275 million at $19.73 billion for the week ended Oct 31, stayed the same in the week ended Nov 7.