Forex reserves drop $2.16 bn to $688.26 bn

India's forex reserves dropped by $2.16 billion to $688.27 billion for the week ended October 18, the Reserve Bank said on Friday.

In the previous reporting week, the overall kitty had dropped by $10.75 billion to $690.43 billion in one of the largest declines in the reserves in recent times, the RBI said on Friday.

In the preceding week, the reserves had dropped by $3.709 billion to $701.176 billion. At the end of September, the reserves had hit an all-time high of $704.885 billion.

For the week ended October 18, foreign currency assets, a major component of the reserves, decreased by $3.865 billion to $598.236 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 increased by $1.79 million to $67.44 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $68 million to $18.27 billion, the apex bank said.

India's reserve position with the IMF was down by $16 million to $4.316 billion in the reporting week, the apex bank data showed.