Led by a massive fall in gold reserves and foreign currency assets, India’s foreign exchange (forex) reserves fell by $1.66 billion in the week ended November 1 to $281.29 billion.
In the previous reporting week, which ended on October 25, the country’s forex reserves had risen $1.83 billion to $282.95 billion. Foreign currency assets, which form the bulk of the reserves, fell $894.2 million in the latest reporting week.
The country’s gold reserves plunged by $538.1 million to $21.23 billion. India’s reserve position in the International Monetary Fund was down $177.9 million and special drawing rights fell by 46.9 million.