India's Forex reserves decline by $1.76 billion to $630.19 billion

India`s foreign exchange (forex) reserves declined by $1.763 billion to $630.19 billion in the week ended February 11 due to a sharp drop in the value of foreign currency assets, the Reserve Bank of India (RBI) data showed.

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The foreign currency assets, which is the biggest component of the forex reserves, slumped by $2.764 billion to $565.565 billion during the week under review, according to the RBI`s weekly statistical supplement.Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK`s Pound Sterling and Japanese Yen held in the foreign exchange reserves.

India`s reserve position in the IMF dropped by $16 million to $5.217 billion.However, there was a sharp increase in the value of gold reserves and SDRs. The value of gold reserves jumped by $952 million to $40.235 billion during the week under review.The value of India`s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $65 million to $19.173 billion.