India's forex reserves fall $12.95 billion to $734.60 billion in week ended October 2

India's foreign exchange reserves fell by $12.95 billion to $734.60 billion in the week ended October 2, driven by a decline in foreign currency assets and gold reserves, according to data released by the Reserve Bank of India on Friday. The reserves had fallen by $18.34 billion to $747.56 billion in the previous reporting week ended September 25.

The reserves had touched an all-time high of $785.70 billion for the week ended September 4 on the back of a heavy flow of currency as part of a special concessional swap for deposits from the diaspora through which banks raised a record sum of nearly $133 billion.

For the week ended October 2, foreign currency assets, a major component of reserves, decreased by $10.66 billion to $604.74 billion, the data showed.


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

The value of gold reserves decreased by $2.28 billion to $106.413 billion during the week. The Special Drawing Rights (SDRs) were up by $15 million to $18.65 billion.

India's reserve position with the IMF decreased by $15 million to $4.78 billion.