In brief
India’s foreign exchange reserves fell by $2.691 billion to $717.056 billion during the week ending Oct. 30, the eighth consecutive week of a decline, according to the Reserve Bank of India. The drop included losses in foreign currency assets, gold holdings and special drawing rights, while the Indian position in the International Monetary Fund gained modestly. The weekly slide follows a previous week’s $1.269 billion loss and a two‑month decline of nearly $68.65 billion.
India’s foreign exchange reserves dropped 2.691 billion U.S. dollars to 717.056 billion dollars during the week ending Oct. 30, the Reserve Bank of India (RBI) announced on Friday, according to Xinhua.
This marks the RBI’s eighth straight week of falling reserves, following a 1.269 billion‑dollar decline the week before; over the preceding two months the reserves have slipped by nearly 68.65 billion dollars.
In the latest figure, the RBI noted that Foreign Currency Assets (FCAs) fell by 2.088 billion dollars to 591.118 billion dollars, while the country’s gold holdings declined by 559 million dollars to 102.591 billion dollars.
Special Drawing Rights (SDRs) were down 47 million dollars to 18.558 billion dollars. The RBI’s position in the International Monetary Fund increased by 3 million dollars to 4.79 billion dollars.
These movements reflect ongoing pressures on India’s balance of payments, the RBI said, noting that the week’s decline in reserves is part of a sustained trend in foreign currency assets and asset composition.
Analysts are monitoring the trend, as the domain expects further scrutiny on the RBI’s policy stance and the impact on liquidity in the domestic financial markets.
