India’s foreign exchange reserves fell $1.087 billion in the week ending Nov. 4, after rising $6.6 billion the previous week.
Reserves stood at $529.994 billion, according to the latest data from the Reserve Bank of India, down $112.459 billion from its peak of $642.453 billion on September 3 last year.
About 60% of the decline in reserves was due to valuation changes, with reserves held in other global currencies such as the pound, euro and Japanese yen depreciating sharply against the dollar.
Of the total reserves, foreign currency holdings amounted to $470.727 billion, while gold reserves held were $37.057 billion. The balance is kept with the International Monetary Fund in the form of special drawing rights and reserves.