India's foreign exchange reserves declined by US$ 10.746 billion to US$ 690.43 billion in the week ended October 11. This is one of the biggest declines in reserves in recent times. The Reserve Bank of India gave this information on Friday. The country's foreign exchange reserves have declined for the second consecutive week. According to PTI news, the reserves had declined by US$ 3.709 billion to US$ 701.176 billion in the previous reporting week. The reserves had reached an all-time high of US$704.885 billion in late September.
Gold reserves decreased by 98 million US dollars
Foreign currency assets, a key component of reserves, declined by US$10.542 billion to US$602.101 billion in the week ended October 11, according to data released on Friday, the report said. Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves. RBI said gold reserves declined by US $ 98 million to US $ 65.658 billion during the week.
SDR decreased by US$86 million
The central bank said special drawing rights (SDRs) declined by US$86 million to US$18.339 billion. According to the data, India's reserve position with the IMF declined by US$20 million to US$4.333 billion.
Crossed 700 billion dollars for the first time
The country's foreign exchange reserves increased by $ 12.59 billion to reach an all-time high of $ 704.88 billion in the week ending September 27. Last week, the country's foreign exchange reserves had increased by $2.84 billion to reach $692.29 billion. The current $12.59 billion is one of the highest weekly increases ever. This is the first time that reserves have crossed the $700 billion mark.
Image Credit: India-Tv.