India’s Forex Reserves Fall by $5.6 Billion to $690 Billion

India’s foreign exchange reserves dropped by 5.6 billion US dollars to 690 billion USD for the week ending on the 31st of last month, mainly driven by a dip in Gold reserves. Gold reserves fell by 3.8 billion US dollars to 101.7 billion US dollars. Foreign currency assets, which form the largest component of the reserves, declined nearly two billion US dollars to over 564.5 billion US dollars during the week, influenced by fluctuations in currencies such as the euro, pound, and yen. Special Drawing Rights also dropped 19 million US dollars to 18.64 billion US dollars. India’s reserve position with the International Monetary Fund rose by 164 million US dollars to 4.77 billion US dollars during the same period.