India’s foreign exchange reserves recorded another fall in the week ending November 7, with the Reserve Bank of India (RBI) reporting a further dip of USD 2.699 billion, bringing the total to USD 687.034 billion as per data released on November 14.

This marks the second consecutive week of decline, after the reserves had fallen by USD 5.623 billion in the previous reporting week to USD 689.733 billion, according to news agency PTI.

Foreign currency assets — the largest component of the reserves — dropped by USD 2.454 billion to USD 562.137 billion during the week. In dollar terms, these assets reflect the impact of movements in major global currencies such as the Euro, Pound and Yen held within the reserves.

The RBI also noted a decrease in the value of gold reserves, which fell by USD 195 million to USD 101.531 billion. Special Drawing Rights (SDRs) saw a decline as well, slipping by USD 51 million to USD 18.594 billion.

India’s reserve position with the International Monetary Fund (IMF) remained unchanged at USD 4.772 billion for the week under review.