In brief
The Reserve Bank of India announced that its foreign exchange reserves fell $2.691 billion, down to $717.056 billion, marking the eighth straight week of decline. The dip was driven mainly by lower foreign‑currency assets and gold holdings, while its IMF quota rose modestly. Over two months, reserves have slipped almost $69 billion.
India’s foreign exchange reserves slipped by $2.691 billion to $717.056 billion during the week ending Oct. 30, according to a bulletin released by the Reserve Bank of India on Nov. 6, as reported by Xinhua.
Reserve Composition
Xinhua noted that foreign‑currency assets fell $2.088 billion, settling at $591.118 billion. Gold reserves declined $559 million, dropping to $102.591 billion. Special Drawing Rights, by contrast, slipped $47 million, leaving them at $18.558 billion.
In a related upgrade, the RBI’s position in the International Monetary Fund rose by $3 million to $4.79 billion, a modest gain relative to the overall decline in reserves.
The change in reserves represents the eighth consecutive week of decline, following a $1.269 billion drop in the preceding week. Over the past two months, total reserves have fallen by nearly $68.65 billion, signaling sustained pressure on India’s foreign‑currency holdings.
While the data appear straightforward, analysts are watching the trend’s implications for India’s currency and trade dynamics, though no definitive forecast has yet been issued.
