| India’s foreign exchange reserves declined sharply in the week ended March 6, reversing the previous week’s surge that had taken the country’s forex stockpile to a record high.
Data released by the Reserve Bank of India on Friday showed the reserves dropped by $11.683 billion to $716.810 billion.
Foreign currency assets, the largest component of the reserves, decreased by $9.880 billion to $563.245 billion during the reporting week.
The value of gold reserves fell by $1.612 billion to $130.017 billion. Special Drawing Rights (SDRs) declined by $146 million to $18.720 billion, according to the central bank’s data.
India’s reserve position with the International Monetary Fund also slipped by $45 million to $4.828 billion during the week, the data showed. |