India's Forex reserves decline by 1.76 billion dollars to 630.19 billion dollars

India's foreign exchange (forex) reserves declined by $1.763 billion to $630.19 billion in the week ended February 11 due to a sharp drop in the value of foreign currency assets, the Reserve Bank of India (RBI) data showed. The foreign currency assets, which is the biggest component of the forex reserves, slumped by $2.764 billion to $565.565 billion during the week under review, according to the RBI's weekly statistical supplement.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves. India's reserve position in the IMF dropped by $16 million to $5.217 billion.

However, there was a sharp increase in the value of gold reserves and SDRs. The value of gold reserves jumped by $952 million to $40.235 billion during the week under review. The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $65 million to $19.173 billion.