India's forex reserves decline for third consecutive week

Falling for a third consecutive week, Indias foreign exchange reserves declined $2.16 billion to $688.26 billion during the week ended October 18, according to the latest RBI data released on Friday.

For the week ended October 18, foreign currency assets, a major component of the reserves, decreased by $3.865 billion to $598.236 billion, the data released on Friday showed.

Gold reserves increased by $1.786 million to $67.444 billion during the week. The special drawing rights (SDRs) were down by $68 million to $18.271 billion, the RBI said.

Indias reserve position with the IMF was down by $16 million to $4.316 billion in the reporting week, the apex bank data showed.

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