Forex reserves drop $1.31 bn to $656.5 bn

India's forex reserves dropped $1.31 billion to $656.58 billion for the week ended November 22, the Reserve Bank of India (RBI) said.

The kitty had dropped a record $17.76 billion to $657.89 billion in the previous reporting week ending November 15.

The reserves, which had hit an all-time high of $704.88 billion in end-September, have been declining for multiple weeks, at a time when the rupee has also been under pressure.

For the week ended November 22, foreign currency assets -- a major component of the reserves -- decreased $3.04 billion to $566.79 billion, the data, which was released on Friday, showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves increased $1.828 billion to $67.57 billion during the week, the RBI said.

The special drawing rights (SDRs) were down $79 million to $17.98 billion, the apex bank said.

India's reserve position with the IMF was also down $15 million to $4.23 billion in the reporting week, the RBI data showed.