India’s forex reserves fall further by $330 million

MUMBAI - India’s foreign exchange (forex) reserves declined by $330 million, sliding to $297.98 billion during the week ended Nov 19, for the second consecutive week on sharp decline in foreign currency reserves.

The forex reserves had declined by $1.899 billion during the week ended Nov 12.

Foreign currency reserves, that include US dollar, euro and British pound, among others, declined $319 million to $269.17 billion during the week under review, according to data released by the Reserve Bank of India (RBI). The foreign currency reserves had fallen $1.79 billion during the previous week.

Special Drawing Rights (SDRs) declined $8 million to $5.144 billion and the reserve with International Monetary Fund fell $3 million to $1.998 billion.

However, the value of gold reserves remained unchanged at $21.668 billion.