India’s forex reserves decline USD 1.71 bn to USD 651.99 bn

Mumbai, Jul 5 (PTI) India’s forex reserves dropped USD 1.713 billion to USD 651.997 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall kitty had dropped USD 2.922 billion to USD 652.895 billion. The reserves had touched an all-time high of USD 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 USD 1.252 billion to USD 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 USD 427 million to USD 56.528 billion during the week, the RBI said.

The special drawing rights (SDRs) declined USD 35 million to USD 18.014 billion, the central bank said.

India’s reserve position with the IMF was up USD 1 million to USD 4.573 billion in the reporting week, the data added.