India's forex reserves drop by $3.23 billion to $654.85 billion

New Delhi: India's forex reserves dropped by USD 3.235 billion to USD 654.857 billion for the week ended December 6, the RBI said on Friday.

In the previous reporting week, the reserves had increased by USD 1.51 billion to USD 658.091 billion, ending a multi-week decline in the overall kitty.

The forex reserves had increased to an all-time high of USD 704.885 billion in end-September.

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For the week ended December 6, foreign currency assets, a major component of the reserves, decreased by USD 3.228 billion to USD 565.623 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 43 million to USD 66.936 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 25 million to USD 18.031 billion, the apex bank said.

India's reserve position with the IMF was also up by USD 12 million to USD 4.266 billion in the reporting week, the apex bank data showed.

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