India's forex reserves fall by $4.47 billion as gold reserves decrease

RBI data shows declines in gold and foreign currency assets, pulling reserves down to $688 billion

India’s foreign exchange reserves fell by $4.47 billion to $688 billion in the week ended November 21 on the back of a decline in the gold reserves, latest data by the Reserve Bank of India showed.

 

Gold reserves fell by $2.6 billion during the reported week.

 

Foreign currency assets also decreased by $1.6 billion to $560 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 $84 million to $18.5 billion. India’s reserve position with the International Monetary Fund (IMF) was up by $23 million to $4.7 billion in the reporting week.