India's forex reserves drop $4.8 bn to $670.11 bn

New Delhi: India's forex reserves dropped by USD 4.8 billion to USD 670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday.

In the previous reporting week, the kitty jumped by USD 7.533 billion to an all-time high of USD 674.919 billion.

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For the week ended August 9, foreign currency assets, a major component of the reserves, decreased by USD 4.079 billion to USD 587.96 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 declined by USD 860 million to USD 59.239 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 121 million to USD 18.282 billion, the apex bank said.

India's reserve position with the IMF increased by USD 18 million to USD 4.638 billion in the reporting week, the central bank data showed.

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