India's foreign exchange reserves fell by $2.691 billion to $717.056 billion in the week ended October 30, extending a decline from the record high touched in early September.

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• RBI data released on November 6 showed forex reserves dropping by $2.691 billion to $717.056 billion during the week ended October 30.
• In the previous week, reserves had fallen by $1.269 billion to $719.748 billion.
• Reserves hit an all-time high of $785.706 billion in the week ended September 4, which puts the latest level about $68.65 billion below the peak.
• The peak was driven by heavy inflows from a special concessional swap window for diaspora deposits, through which banks raised a record $133 billion.
• Experts attribute the decline since then to deployment of FCNR(B) resources and to RBI dollar sales to defend the rupee.
• Foreign currency assets, the largest component, fell by $2.088 billion to $591.118 billion in the week.
• Foreign currency assets are reported in dollar terms, so they reflect appreciation or depreciation of non-US currencies such as the euro, pound and yen.
• Gold reserves decreased by $559 million to $102.591 billion.
• Special Drawing Rights fell by $47 million to $18.558 billion, while India's reserve position with the IMF rose by $3 million to $4.79 billion.
• RBI Governor Sanjay Malhotra has said India has adequate reserves to meet FCNR(B) repayments.

Tags: ForexReserves, RBI, FCNRB