India’s foreign exchange reserves fell by 7 dollars

The RBI said on Friday that India’s foreign exchange reserves declined by $7.052 billion to $709.759 billion during the week ended March 13.

In the previous reporting week, total reserves had declined by $11.683 billion to $716.81 billion. The kitty had risen to an all-time high of $725.727 billion during the week ending February 13 this year.

For the week ended March 13, foreign currency assets, a key component of reserves, fell by $7.678 billion to $555.568 billion, according to data released by the central bank.

Expressed in dollar terms, foreign exchange assets include the effects of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

The value of gold reserves increased by $664 million to $130.681 billion during the week, the RBI said.

The apex bank said Special Drawing Rights (SDRs) declined by $23 million to $18.697 billion.

India’s reserve position with the IMF also declined by $15 million to $4.814 billion in the week under review, according to data from the apex bank.