India's forex reserves drop USD 6.7 - 717.06 bln

Mumbai: India's forex reserves dropped by USD 6.711 billion to USD 717.064 billion during the week ended February 6, the RBI said on Friday.

In the previous reporting week, the kitty had jumped by USD 14.361 billion to an all-time high of USD 723.774 billion.

During the week ended February 6, foreign currency assets, a major component of the reserves, increased by USD 7.661 billion to USD 570.053 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 14.208 billion to USD 123.476 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 132 million to USD 18.821 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 32 million to USD 4.715 billion in the reporting week, according to the apex bank's data.