India's forex reserves drop $462 million to $590.321 billion

Mumbai: India's forex kitty decreased by $462 million to $590.321 billion for the week ended November 10, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had increased by $4.672 billion to $590.783 billion.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended November 10, the foreign currency assets, a major component of the reserves, increased by $108 million to $522.004 billion, according to the Weekly Statistical Supplement released by Reserve Bank of India.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were down by $608 million to $45.515 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $36 million to $18.011 billion, the apex bank said.

India's reserve position with the IMF (International Monetary Fund) was up by $3 million to $4.791 billion in the reporting week, the data showed.