India's forex reserves down $685 mn

India's foreign exchange (forex) reserves decreased by $685.1 million to $274.80 billion for the week ended Sep 6, according to data released by the Reserve Bank of India (RBI).

The reserves had fallen by $2.23 billion to $275.49 billion for the week ended Aug 30.

The foreign currency assets (FCA) - the biggest component of the forex reserves - fell $656.5 million to $246.74 billion, the weekly statistical supplement of the central bank showed.

The FCA had declined by $3.08 billion at $247.40 billion in the previous week.

The central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

Gold reserves remained stagnant at $21.72 billion. The reserves of the precious metal were up by $977.1 million in the week ended Aug 30.

The special drawing rights (SDRs) declined by $19.6 million to $4.35 billion during the week ended Sep 6, while reserves with the International Monetary Fund (IMF) went down by $9 million to $1.98 billion.

The SDRs had declined by $14.9 million to $4.37 billion during the previous week, while reserves with the IMF were down by $112.5 million to $1.99 billion.