India's Forex Reserves Drop Further, By $2.7 Billion To $687 Billion Republic Business

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India's foreign exchange reserves declined by USD 2.699 billion in the week that ended November 7 to USD 687.034 billion, driven by a slump in both foreign currency assets and gold reserves, the Reserve Bank of India's latest 'Weekly Statistical Supplement' data showed.

Over the past month, the forex kitty has been in a downtrend, except for one week.

Still, the country's foreign exchange (forex) kitty is hovering close to its all-time high of USD 704.89 billion, reached in September 2024.

For the reported week (that ended November 7), India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 562.137 billion, down USD 2.454 billion.

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The RBI data showed that gold res