New Delhi, 09 October (H.S.): India’s foreign exchange reserves declined for the fourth consecutive week, falling by $12.95 billion to $734.61 billion in the week ended October 2, according to data released by the Reserve Bank of India (RBI). The country’s forex reserves had dropped by $18.34 billion to $747.56 billion in the preceding week ended September 25.

In its data released on Friday, the RBI reported that foreign currency assets, the largest component of the country’s foreign exchange reserves, fell by $10.66 billion to $604.75 billion during the week ended October 2.

The value of India’s gold reserves also declined by $2.29 billion to $106.41 billion during the same period. Meanwhile, the country’s Special Drawing Rights (SDRs) increased by $1.5 million to $18.66 billion.

India’s reserve position with the International Monetary Fund (IMF) decreased by $15 million to $4.79 billion, the RBI data showed.

Notably, India’s foreign exchange reserves had reached an all-time high of $785.71 billion in the week ended September 4. The latest figures indicate a sustained decline in the country’s forex reserves over the subsequent four weeks.

---------------

Hindusthan Samachar / Jun Sarkar