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India’s forex reserves dropped by $3.709 billion to $701.176 billion for the week ended October 4, the RBI said on Friday (October 11, 2024).

In the previous reporting week, the reserves had jumped by $12.588 billion to an all-time high of $704.885 billion.

For the week ended October 4, foreign currency assets, a major component of the reserves, decreased by $3.511 billion to $612.643 billion, the data released on Friday showed.

Expressed in terms of dollar, 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 $40 million to $65.756 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $123 million to $18.425 billion, the apex bank said.

India’s reserve position with the IMF was down by $35 million to $4.352 billion in the reporting week, the apex bank data showed.