Country’s Forex reserves decline over $8.5bn during last week

The country’s foreign exchange reserves declined over 8.5 billion US dollars (USD) to 726 billion US dollars during the week ended 9th of October. According to Reserve Bank of India data, Foreign currency assets, the largest component of the reserves, dropped by 7.1 billion dollars to 597.6 billion dollars during the week. Gold reserves dropped by 1.3 billion dollars to 105 billion dollars. Special Drawing Rights fell by 109 million dollars to 18.5 billion dollars. The country’s reserve position with the International Monetary Fund dipped 10 million dollars to 4.78 billion dollars.