MUMBAI: India’s forex reserves dropped by $1.8 billion to $638.7 billion in the week ended Feb 28, Reserve Bank of India said on Friday.
The overall forex kitty had jumped by $4.8 billion to $640.5 billion in the previous reporting week. At the end of Sept 2024, the forex reserves touched an all-time high of $704.9 billion. For the week ended Feb 28, foreign currency assets, a major component of the reserves, decreased by $493 million to $543.4 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.
Gold reserves decreased by $1.3 billion to $73.3 billion during the week, RBI said. The SDRs were up by $27 million to nearly $18 billion, the apex bank said.