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India’s forex reserves down $672 million

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Mumbai: India`s foreign exchange reserves fell by $672.4 million to $314.87 billion for the week ended Nov 21, Reserve Bank of India (RBI) data showed.

The reserves had risen by $419.4 million to $315.55 billion for the week ended Nov 14.

According to the RBI`s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined $664.3 million at $289.39 billion in the week under review.

The foreign currency assets had gained $422.7 million at $290.06 billion in the previous week (Nov 14).

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India`s reserve position with the International Monetary Fund (IMF) was down $2.2 million to $1.51 billion.

The value of special drawing rights (SDRs) was lower by $5.9 million at $4.22 billion.

The value of gold reserves which was static since Oct 3 at $20.01 billion and had declined by 275 million at $19.73 billion for the week ended Oct 31, stayed the same in the week ended Nov 21.

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