Forex reserves drop by $396 mn to $702.57 bn

Mumbai: India’s forex reserves dropped by $396 million to $702.57 billion for the week ended September 19, according to the RBI data.

In the previous reporting week, the overall reserves had jumped by $4.698 billion to $702.966 billion. For the week ended September 19, foreign currency assets, a major component of the reserves, decreased by $864 million to $586.15 billion, the data released on Friday showed. 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.

The gold reserves increased by $360 million to $92.779 billion during the week, the RBI said.