New Delhi, 30 October (H.S.): India’s foreign exchange reserves declined by a further $1.27 billion to $719.75 billion in the week ended October 23, marking their seventh consecutive weekly fall, according to data released by the Reserve Bank of India (RBI) on Friday.

The country’s foreign exchange reserves had fallen by $5.01 billion to $721.01 billion in the previous reporting week ended October 16, the RBI data showed.

According to the latest figures, foreign currency assets (FCAs), the largest component of the country’s forex reserves, increased by $1.35 billion to $593.20 billion during the week ended October 23.

The value of gold reserves, however, declined by $2.65 billion to $103.15 billion during the period. Special Drawing Rights (SDRs) rose by $27 million to $18.60 billion, while India’s reserve position with the International Monetary Fund (IMF) decreased by $4 million to $4.78 billion.

It may be recalled that India’s foreign exchange reserves had touched an all-time high of $785.71 billion in the week ended September 4, following substantial foreign currency inflows under a special concessional swap scheme for deposits by non-resident Indians through the Foreign Currency Non-Resident (Bank) [FCNR(B)] route. The reserves have been on a declining trajectory since then.

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Hindusthan Samachar / Jun Sarkar