India's forex reserves down around 7.50% from record high

India?s foreign exchange reserves slipped by $8.578 billion to $726.027 billion during the week ended October 9, according to data released by the Reserve Bank of India on Friday. In the previous reporting week, the reserves had dropped by $12.952 billion to $734.606 billion. India?s forex reserves had touched an all-time high of $785.706 billion in the week ended September 4. For the week ended October 9, foreign currency assets, the largest component of the reserves, declined by $7.142 billion to $597.605 billion. The value of India?s gold reserves also fell during the week, declining by $1.319 billion to $105.094 billion. Special Drawing Rights (SDRs) with the International Monetary Fund decreased by $109 million to $18.548 billion. India?s reserve position with the IMF also declined marginally by $10 million to $4.78 billion.Total forex reserves had declined by around 7.5% from record high now.

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