Forex reserves drop $1.31 bn to $656.5 bn as of November 22, says RBI

India's forex reserves dropped USD 1.31 billion to USD 656.582 billion for the week ended November 22, the Reserve Bank of India (RBI) said.

The kitty had dropped a record USD 17.761 billion to USD 657.892 billion in the previous reporting week ending November 15.

The reserves, which had hit an all-time high of USD 704.885 billion in end-September, have been declining for multiple weeks, at a time when the rupee has also been under pressure.

For the week ended November 22, foreign currency assets -- a major component of the reserves -- decreased USD 3.043 billion to USD 566.791 billion, the data, which was 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 increased USD 1.828 billion to USD 67.573 billion during the week, the RBI said.

The special drawing rights (SDRs) were down USD 79 million to USD 17.985 billion, the apex bank said.

India's reserve position with the IMF was also down USD 15 million to USD 4.232 billion in the reporting week, the RBI data showed.