India's Forex Reserves See Notable Decrease Amid Global Currency Shifts

India's forex reserves decreased by USD 1.877 billion to USD 686.227 billion for the week ending November 28. Foreign currency assets fell significantly, while gold reserves increased. Special Drawing Rights and India’s IMF reserve position also showed slight gains.

India's foreign exchange reserves saw a drop of USD 1.877 billion, bringing the total to USD 686.227 billion for the week ending November 28, the Reserve Bank of India (RBI) reported.

This decline follows a substantial fall of USD 4.472 billion the previous week. The most significant change came from a reduction in foreign currency assets, which decreased by USD 3.569 billion, reaching USD 557.031 billion. The value of these assets in dollar terms reflects variants in major international currencies like the euro, pound, and yen.

Conversely, gold reserves showed a positive trend, increasing by USD 1.613 billion, totaling USD 105.795 billion. The Special Drawing Rights (SDRs) also grew modestly by USD 63 million to USD 18.628 billion. Additionally, India's reserve position with the International Monetary Fund (IMF) rose by USD 16 million to USD 4.772 billion, the RBI data indicated.

(With inputs from agencies.)