Forex kitty shrinks $2.7 bln to $687 bln

Mumbai: India’s foreign exchange reserves dropped by another $2.699 billion to $687.034 billion during the week ended November 7, the RBI said on Friday. The forex kitty has been on a declining trend for the past few weeks, and had decreased by $5.623 billion to $689.733 billion in the previous reporting week. For the week ended November 7, foreign currency assets, a major component of the reserves, decreased by $2.454 billion to $562.137 billion, the data released on Friday showed. 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.