India's forex reserves drop $2.922 billion to $652.895 billion

New Delhi: India's forex reserves dropped by USD 2.922 billion to USD 652.895 billion for the week ended June 14, the Reserve Bank said on Friday.

In the previous reporting week, the kitty had jumped by USD 4.307 billion to USD 655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.

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For the week ended June 14, foreign currency assets, a major component of the reserves, decreased by USD 2.097 billion to USD 574.24 billion, the data released on Friday showed.

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

Gold reserves decreased by USD 1.015 billion to USD 55.967 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 54 million to USD 18.107 billion, the apex bank said.

India's reserve position with the IMF was up by USD 245 million to USD 4.581 billion in the reporting week, the apex bank data showed.

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