India's foreign exchange reserves declined by roughly $2 billion to a six-month low of $652.87 billion as of December 13, according to figures from the Reserve Bank of India (RBI) released on Friday.
India's foreign reserves fell by $ 1.988 billion to $ 652.869 billion in the week ended December 13, according to the RBI on Friday.
In the preceding reporting week, total reserves fell by $ 3.235 billion to $ 654.857 billion.
The reserves have been dropping in recent weeks, with the reduction ascribed to revaluation as well as RBI forex market operations to help limit rupee volatility. Forex reserves reached an all-time high of $ 704.885 billion in September.
Changes in foreign currency assets are driven by both the central bank's activity in the forex market and the appreciation or depreciation of foreign assets kept in reserves.
Foreign currency assets, a key component of reserves, fell by $ 3.047 billion to $ 562.576 billion in the week ending December 13, according to data issued on Friday.
Foreign currency assets, expressed in US dollars, include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.
The RBI said that gold reserves climbed by $1.121 billion to $68.056 billion this week.
The Special Drawing Rights (SDRs) fell by $35 million to $17.997 billion, according to the apex bank.
India's IMF reserve position fell by $ 27 million to $ 4.24 billion during the reporting week, according to apex bank data.
