 "India's foreign exchange reserves fall by $5.6 bn as gold reserves decrease")
India’s foreign exchange reserves fell in the week ended October 31 on the back of a decline in gold reserves, the latest data from the Reserve Bank of India (RBI) showed.
The total reserves declined by $5.6 billion during the reported week. Gold reserves fell by $3.8 billion during the same period.
Gold prices decreased by 0.16 per cent during the week, weighing on the value of gold reserves.
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Foreign currency assets also decreased by $1.9 billion to $564 billion during the reported week.
The reserves had hit a record high of $705 billion in September 2024.
The special drawing rights (SDRs) were down $19 million to $18.6 billion. India’s reserve position with the International Monetary Fund (IMF) was up by $164 million to $4.7 billion in the reporting week.