India's forex reserves hit 8-month low

Indias foreign exchange (forex) reserves declined by $4.112 billion to an eight-month low of $640.279 billion during the week ended December 27, according to the latest RBI data.

For the week ended December 27, foreign currency assets, a major component of the reserves, decreased by $4.641 billion to $551.921 billion.

Gold reserves increased by $541 million to $66.268 billion during the week. The special drawing rights (SDRs) were down by $12 million to $17.873 billion, according to the RBI.

Indias reserve position with the IMF was unchanged at $4.217 billion in the reporting week, the apex bank data showed.

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