India’s foreign exchange reserves plunged $781.5 million to $293.56 billion in the week ended November 9, according to the latest Reserve Bank of India data. The reserves fell for the second week in succession. In the previous week ended November 2, the reserves fell $950.3 million to $294.34 billion. In the reporting week, the decline in the reserves was mainly due to dip in the foreign currency assets, which were down $751.8 million to $258.71 billion.
The reserves comprise foreign currency assets, gold reserves, special drawing rights (SDRs) and reserve position in the International Monetary Fund. The SDRs and the country’s reserve position in the IMF also fell $19.6 million and $10.1 million respectively. During the week, gold reserves remained unchanged at $28.189 billion. Since March-end, 2012, the forex reserves declined $838.5 million.