India’s foreign exchange reserves declined $17.76 billion last week

NEW DELHI: India’s foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion.
The reserves, which achieved a record high of $704.885 billion in late September, have witnessed consecutive weekly declines, aligning with pressure on the rupee.
Foreign currency assets, which constitute a major portion of the reserves, decreased by $15.548 billion to $569.835 billion for the week ended November 15, according to latest released data.
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, when expressed in dollar terms.
The central bank also reported that gold reserves reduced by $2.068 billion to $65.746 billion during this period. It also indicated that Special Drawing Rights (SDRs) decreased by $94 million to $18.064 billion.
Additionally, the data from the apex bank showed that India’s reserve position with the IMF also declined by USD 51 million, reaching USD 4.247 billion in the reporting week.