Forex reserves plunge $17.76 bn to $657.89 bn

India's forex reserves dropped by $17.76 billion to $657.89 billion for the week ended November 15, the RBI said on Friday.

In the previous reporting week ended November 8, the overall reserves dropped by $6.48 billion to $675.65 billion.

The kitty, which had hit an all-time high of $704.88 billion in end-September, has been declining for multiple weeks now, at a time when the rupee has also been under pressure.

For the week ended November 15, foreign currency assets, a major component of the reserves, decreased by $15.55 billion to $569.83 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 $2.07 billion to $65.75 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $94 million to $18.06 billion, the apex bank said.

India's reserve position with the IMF was also down by $51 million to $4.25 billion in the reporting week, the apex bank data showed.