Forex reserves drop by USD 9.80 bln to USD 686.80 bln

Mumbai, Jan 9 (PTI) India's forex reserves dropped by USD 9.809 billion to USD 686.801 billion in the week to January 2, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the forex reserves had jumped by USD 3.293 billion to USD 696.61 billion.

For the week ended January 2, foreign currency assets, a major component of reserves, decreased by USD 7.622 billion to USD 551.99 billion, the central bank's data showed.

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

Value of the gold reserves dropped by USD 2.058 billion to USD 111.262 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 25 million to USD 18.778 billion, the apex bank said.

India's reserve position with the IMF dropped by USD 105 million to USD 4.771 billion in the reporting week, according to the apex bank's data. PTI AA DRR