Forex Reserves Down $1.6 Billion at $314.6 Billion as of December 5

Mumbai: India's foreign exchange reserves dropped by a massive $1.649 billion to $314.661 billion in the week to December 5, led by a fall in foreign currency assets.

In the previous week, the reserves had surged by $1.432 billion to $316.311 billion, data from the Reserve Bank of India showed on Friday.

Foreign currency assets (FCAs), a major constituent of overall reserves, declined by $867.4 million to $289.954 billion.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in reserves.

The country's gold reserves, too, dropped by $753.2 million to $18.985 billion.

Special drawing rights (SDRs) decreased by $21.6 million to $4.208 billion, while the country's reserve position with the IMF dipped by $7.7 million to $1.513 billion during the week under review, the data showed.