Forex reserves drop $5.62 billion to $689.73 billion

India’s forex reserves dropped USD 5.623 billion to USD 689.733 billion for the week ended October 31, the Reserve Bank of India said on Friday.

The overall reserves had declined by USD 6.925 billion to USD 695.355 billion.For the week ended October 31, foreign currency assets, a major component of the reserves, decreased by USD 1.957 billion to USD 564.591 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units, like the euro, pound and yen held in the foreign exchange reserves.The value of the gold reserves declined by USD 3.81 billion to USD 101.726 billion during the week, the RBI said.The Special Drawing Rights (SDRs) were down by USD 19 million to USD 18.644 billion, the a