Forex reserves drop by $9.80 bn to $686.80 bn

Mumbai: India’s forex reserves dropped by $ 9.809 billion to $ 686.801 billion in the week to January 2, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the forex reserves had jumped by $ 3.293 billion to $ 696.61 billion.

For the week ended January 2, foreign currency assets, a major component of reserves, decreased by $ 7.622 billion to $ 551.99 billion, the central bank’s data showed. Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.