Forex reserves drop by USD 12.952 bn to USD 734.61 bn

MUMBAI: India's forex reserves dropped by USD 12.952 billion to USD 734.606 billion during the week ended October 2, according to the RBI data released on Friday.

The overall reserves had dropped by USD 18.343 billion to USD 747.557 billion in the previous reporting week ended September 25.

The reserves had touched an all-time high of USD 785.706 billion for the week ended September 4 on the back of a heavy flow of currency as part of a special concessional swap for deposits from the diaspora through which banks raised a record sum of nearly USD 133 billion.

For the week ended October 2, foreign currency assets, a major component of reserves, decreased by USD 10.664 billion to USD 604.747 billion, the data showed.

Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.

The value of gold reserves decreased by USD 2.288 billion to USD 106.413 billion during the week. The Special Drawing Rights (SDRs) were up by USD 15 million to USD 18.656 billion.

India's reserve position with the IMF decreased by USD 15 million to USD 4.789 billion.