India’s forex reserves drop USD 2.42 bn to USD 601.45 bn

India's forex reserves dropped for the third consecutive week, declining by USD 2.417 billion to USD 601.453 billion as of August 4

Mumbai: India’s forex reserves dropped for the third consecutive week, declining by USD 2.417 billion to USD 601.453 billion as of August 4, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped by USD 3.165 billion to USD 603.87 billion.

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For the week ended August 4, the foreign currency assets, a major component of the reserves, decreased by USD 1.937 billion to USD 533.40 billion, according to the Weekly Statistical Supplement released by the RBI.

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 by USD 224 million to USD 44.68 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 171 million to USD 18.274 billion, the apex bank said.

The country’s reserve position with the IMF was down by USD 86 million to USD 5.099 billion in the reporting week, the apex bank data showed.