India's forex reserves drops $325 mn to $561 bn

Mumbai: India's foreign exchange reserves dropped $325 million to $560.942 billion as of February 24, according to the Reserve Bank of India's latest data. In the previous reporting week, the overall reserves had declined $5.68 billion to $561.267 billion.

Foreign exchange reserves declined by $5.681 billion to $561.267 billion in the week ending on February 17. This is third consecutive week of decline in overall forex reserves. The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments.

The foreign currency assets, the biggest component of the forex reserves, fell by $166 million to $495.90 billion. It had dropped $4.51 billion in the previous week.

The value of gold reserves declined by $66 million to $41.75 billion.