India’s foreign exchange reserves decreased by $1.783 billion to $635.905 billion

India’s foreign exchange reserves fell for the second week in a row, ending the week ended December 3rd, $1.783 billion down at $635.905 billion, according to RBI statistics released on Friday.

The reserves had fallen by $2.713 million in the previous week to $637.687 billion.

The drop in the forex kitty in the reporting week ending December 3rd was mostly due to a reduction in foreign currency assets (FCA), a major component of overall reserves.

The FCA fell by $1.483 billion to $573.181 billion in the reporting week, according to the data.

Foreign currency assets, expressed in dollars, comprise the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.

The value of gold reserves fell by $407 million to $38.418 billion.

The International Monetary Fund‘s (IMF) special drawing rights (SDRs) increased by $90 million to $19.126 billion.

According to the data, the country’s reserve position with the IMF increased by $17 million in the reporting week to $5.18 billion.