India’s forex reserves decline by $1.9 billion

MUMBAI - India’s foreign exchange (forex) reserves declined by $1.899 billion, going down to $298.31 billion, during the week ended Nov 12 because of a sharp decline in its foreign currency reserves.

Foreign currency reserves, that include US dollar, euro and British pound, among others, declined $1.79 billion going down to $269.49 billion during the week under review, according to data released by the Reserve Bank of India (RBI).

Special Drawing Rights (SDRs) declined $73 million to $5.152 billion and reserve with International Monetary Fund fell $34 million to $2.001 billion.

However, the value of gold reserves remained unchanged at $21.66 billion.