India's foreign exchange reserves dropped by $$2.11 billion to reach $723.608 billion in the week ending February 20, latest data released by the Reserve Bank of India (RBI) showed on Friday.
For the previous week, India's foreign exchange reserves rose by $8.66 billion to hit an all-time high of $725.727 billion in the week ending February 13, data released by the RBI. The previous all-time high of $723.774 billion was touched in January.
For the week ended February 20, foreign currency assets, a major component of the reserves, decreased by $1.039 billion to $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.
The value of the gold reserves dropped by $977 million to $127.489 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by $84 million to $18.84 billion, the apex bank said.
India's reserve position with the IMF was also down by $18 million to $4.716 billion in the reporting week, according to the apex bank's data.
Source Name : Economic Times