India’s forex reserves dip for second week; gold holdings down sharply
India’s foreign exchange reserves fell by $5.623 billion to $689.733 billion during the week ending October 31, according to data released on Friday by the Reserve Bank of India (RBI).
This marks the second consecutive weekly decline, following a $6.925 billion drop in the previous week, News.Az reports, citing foreign media.
The RBI data showed that Foreign Currency Assets (FCAs) — the largest component of the reserves — decreased by $1.957 billion to $564.591 billion, while gold reserves fell sharply by $3.81 billion to $101.726 billion.
The Special Drawing Rights (SDRs) also edged down by $19 million to $18.644 billion, whereas India’s Reserve Position in the International Monetary Fund (IMF) improved slightly by $164 million, reaching $4.772 billion.
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