India's forex falls by $2.75 bn

India's foreign exchange reserves fell by $2.75 billion to $311.42 billion for the week ended Oct 3, Reserve Bank of India (RBI) data showed.

The reserves had decreased by $1.41 billion to $314.18 billion for the week ended Sep 26.

According to the RBI's weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, plunged by $1.80 billion at $285.58 billion in the week under review.

The foreign currency assets had plunged by $1.39 billion at $287.39 billion in the previous week.

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India's reserve position with the International Monetary Fund (IMF) slipped by $8.2 million to $1.54 billion.

The value of special drawing rights (SDRs) was down by $22.8 million at $4.28 billion.

The value of gold reserves was down $919.7 million at $20.01 billion for the week ended Oct 3. The value of gold reserves was static in the previous week. It had fallen by $240.7 million at $20.93 billion for the week ended Sep 5.