Forex reserves decline by $1.78 billion to $638.698 billion, shows RBI data

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India's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, the RBI said on Friday.

The overall forex kitty had jumped by $4.758 billion to $640.479 billion in the previous reporting week.

At the end of September 2024, the forex reserves touched an all-time high of $704.885 billion.

For the week ended February 28, foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion, the data released on Friday showed. 

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves decreased by $1.304 billion to $73.272 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $27 million to $17.998 billion, the apex bank said.

India's reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed.