Country’s FOREX reserves decline by $5bn to $721bn

The country’s foreign exchange reserves declined by five billion US dollars to 721 billion US dollars during the week ended on 16th October. According to the Reserve Bank of India’s data, Foreign currency assets, the largest component of the reserves, dropped by 5.7 billion US dollars to 591.8 US dollars during the week. In contrast, Gold reserves rose by 706 million US dollars to 105.8 billion dollars. Special Drawing Rights grew by 30 million US dollars to 18.5 billion US dollars. The country’s reserve position with the International Monetary Fund rose 11 million to 4.79 billion dollars.