India's forex reserves dropped by $ 4.112 billion to $ 640.279 billion during the week ended December 27, the Reserve Bank said on Friday.

       In the previous reporting week, the overall kitty had dropped by $ 8.478 billion to $ 644.391 billion.

       The reserves have been declining for the last few weeks, and the drop has been attributed to revaluation along with forex market interventions by RBI to help reduce volatility in the rupee. The forex reserves had increased to an all-time high of $ 704.885 billion in end-September.

       For the week ended December 27, foreign currency assets, a major component of the reserves, decreased by $ 4.641 billion to $ 551.921 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.

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       Gold reserves increased by $ 541 million to $ 66.268 billion during the week, the RBI said.

       The Special Drawing Rights (SDRs) were down by $ 12 million to $ 17.873 billion, the apex bank said.

       India's reserve position with the IMF was unchanged at $ 4.217 billion in the reporting week, the apex bank data showed.

       (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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