Forex reserves decline $6.47 bn in a week to $675.65 bn, shows data

India's forex reserves dropped by $6.477 billion to $675.653 billion for the week ended November 8, the RBI said on Friday.

In the previous reporting week, the forex reserves had dropped by $2.675 billion to $682.13 billion.

The kitty, which had hit an all-time high of $704.885 billion in end-September, has been declining for multiple weeks.

For the week ended November 8, foreign currency assets, a major component of the reserves, decreased by $4.467 billion to $585.383 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 $1.936 billion to $67.814 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $60 million to $18.159 billion, the apex bank said.

India's reserve position with the IMF was also down by $14 million to $4.298 billion in the reporting week, the apex bank data showed.