Forex reserves drop to two-month low, latest fall driven by slide in value of Gold hondings

India's FX reserves slipped to around than two-month low for the week ended October 23, marking their seventh straight week of declines. The reserves stood at of $719.75 billion, down $1.27 billion on weekly basis. The fall was mostly due to change in the value of the Reserve Bank of India's gold holdings, which stood at $103.1 billion, down $2.6 billion week-on-week. However, foreign currency assets, the largest component of India's forex reserves, increased by $1.36 billion to $593.21 billion. The reserves had touched an all-time high of $785.706 billion for the week ended September 4 but have dipped for seven weeks in a row thereafter.

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