India’s forex reserves fall $11.68 bn to $716.81 bn as foreign currency assets slide

India’s foreign exchange reserves declined sharply in the week ended March 6, reversing the previous week’s surge that had taken the country’s forex stockpile to a record high.Data released by the Reserve Bank of India on Friday showed the reserves dropped by $11.683 billion to $716.810 billion, reported PTI. In the preceding reporting week, the overall reserves had risen by $4.885 billion to an all-time high of $728.494 billion.Foreign currency assets, the largest component of the reserves, decreased by $9.880 billion to $563.245 billion during the reporting week. The RBI said these assets, expressed in dollar terms, also reflect the impact of movements in non-US currencies such as the euro, pound and yen held in the reserves.The value of gold reserves fell by $1.612 billion to $130.017 billion. Special Drawing Rights (SDRs) declined by $146 million to $18.720 billion, according to the central bank’s data.India’s reserve position with the International Monetary Fund also slipped by $45 million to $4.828 billion during the week, the data showed.