India’s foreign exchange reserves have dropped by $1.14 billion to $640.8 billion

The Reserve Bank of India announced on Friday that India’s forex reserves fell by USD 1.145 billion to USD 640.874 billion for the week ending November 5 due to a drop in currency and gold assets.

For the preceding reporting week, total reserves climbed by USD 1.919 billion to USD 642.019 billion.

The RBI noted in its weekly data that foreign currency assets, which make up a large component of overall reserves, fell by USD 881 million to USD 577.581 billion for the reporting week.

The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.

The value of gold reserves fell by USD 234 million to USD 38.778 billion during the reporting week, according to the statistics.

The International Monetary Fund’s (IMF) special drawing rights (SDRs) dropped by USD 17 million to USD 19.287 billion.

According to the data, the country’s reserve position with the IMF fell by USD 14 million to USD 5.228 billion in the reporting week.