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

The overall reserves had declined by $6.925 billion to $695.355 billion.

For the week ended October 31, foreign currency assets, a major component of the reserves, decreased by $1.957 billion to $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 declin

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