Forex kitty falls to $667.386 bn

Mumbai: India’s forex reserves dropped by $3.471 billion to $667.386 billion for the week ended July 26, according to the RBI data released on Friday. In the previous reporting week, the kitty had jumped by $4.003 billion to an all-time high of $670.857 billion. For the week ended July 26, foreign currency assets, a major component of the reserves, decreased by $1.171 billion to $586.877 billion, the data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves decreased by $2.297 billion to $57.695 billion during the week, the data showed. The Special Drawing Rights (SDRs) were down by $5 million to $18.202 billion. India’s reserve position with the IMF was up by $2 million to $4.612 billion in the reporting week.