India's forex reserves decline $5 billion to $721 billion

India's forex reserves dropped by $5.011 billion to $721.016 billion during the week ended October 16, the Reserve Bank of India said on Friday.

For the week ended October 16, foreign currency assets, a major component of reserves, decreased by $5.758 billion to $591.847 billion.

The Special Drawing Rights (SDRs) were up by $30 million to $18.578 billion. The value of gold reserves rose $706 million to $105.8 billion during the week, the central bank said.

India's reserve position with the IMF increased by $11 million to $4.791 billion.

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