Forex reserves fall to $651.99 bn

Mumbai: India’s forex reserves dropped $1.713 billion to $651.997 bn for the week ended June 28, Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall kitty had dropped $2.922 billion to $652.895 billion.

The reserves had touched an all-time high of $655.817 billion as on June 7 this year. For the week ended June 28, foreign currency assets, a major component of the reserves, decreased $1.252 billion to $572.881 billion, the data released on Friday 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 were down $427 million to $56.528 billion during the week, the RBI said. The special drawing rights (SDRs) declined $35 million to $18.014 billion, the central bank said. India’s reserve position with the IMF was up $1 million to $4.573 billion in the reporting week, the data added.