Forex kitty shrinks $276 mn to below $700 bn

Mumbai: India’s forex reserves fell by $276 million to $699.96 billion during the week ended October 3, according to RBI data. In the previous reporting week, India’s forex reserves had dropped by $2.334 billion to $700.236 billion. For the week ended October 3, foreign currency assets, a major component of the reserves, decreased by $4.049 billion to $577.708 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.