Mumbai, Oct. 30 -- India's forex reserves dropped by $1.269 billion more to $719.748 billion during the week ended October 30, the RBI said on Friday. The overall reserves had dropped by $5.011 billion to $721.016 billion in the previous reporting week ended October 16.
The reserves had touched an all-time high of $785.706 billion for the week ended September 4, driven by a heavy flow of currency as part of a special concessional swap for deposits from the diaspora through which banks raised a record sum of nearly $133 billion but have been on a declining trend ever since.
For the week ended October 23, foreign currency assets, a major component of reserves, increased by $1.358 billion to $593.205 billion, according to the RBI data.
The value of gold reserves decreased by $2.65 billion to $103.15 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by $27 million to $18.605 billion, the apex bank said.
India's reserve position with the IMF decreased by $4 million to $4.787 billion, the RBI said.
Published by HT Digital Content Services with permission from Millennium Post.