India’s forex reserves plunge to $684.805 billion, down $3.5 billion

India’s forex reserves dropped by $3.463 billion to $684.805 billion in the week ended October 25, the RBI said on Friday.

The overall reserves had dropped by $2.163 billion to $688.267 billion in the previous reporting week. In end-September, the reserves had hit an all time high of $704.885 billion.

For the week ended October 25, foreign currency assets, a major component of the reserves, decreased by $4.484 billion to $593.751 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 increased by $1.082 billion to $68.527 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $52 million to $18.219 billion, the apex bank said.

India’s reserve position with the IMF was down by $9 million to $4.307 billion in the reporting week, the apex bank data showed.