India’s forex reserves fall by $3.7 billion to $701.18 billion

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India’s forex reserves dropped by USD 3.709 billion to USD 701.176 billion for the week ended October 4, the RBI said on Friday.

In the previous reporting week, the reserves had jumped by USD 12.588 billion to an all-time high of USD 704.885 billion.

For the week ended October 4, foreign currency assets, a major component of the reserves, decreased by USD 3.511 billion to USD 612.643 billion, the data released on Friday showed.

Expressed in terms of dollar, 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 USD 40 million to USD 65.756 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 123 million to USD 18.425 billion, the apex bank said.

India’s reserve position with the IMF was down by USD 35 million to USD 4.352 billion in the reporting week, the apex bank data showed.