India’s forex reserves drop $6.7 bn
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India’s forex reserves dropped by USD 6.711 billion to USD 717.064 billion during the week ended February 6, the RBI said on Friday. In the previous re-porting week, the kitty had jumped by USD 14.361 billion to an all-time high of USD 723.774 billion.
During the week ended February 6, foreign currency assets, a major compo-nent of the reserves, increased by USD 7.661 billion to USD 570.053 billion, the data released by the central bank 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. Value of the gold reserves dropped by USD 14.208 billion to USD 123.476 billion during the week, the RBI said.
