India?s forex reserves fall $11.68 billion to $716.81 billion

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.

Foreign currency assets, the largest component of the reserves, decreased by $9.880 billion to $563.245 billion during the reporting week.

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.

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