India's forex reserves drop by $481 mn

During the period, the foreign currency assets (FCAs) also decreased by $458 million to $245.417 billion as against $245.417 billion in the previous week, the Reserve Bank of India said in its weekly report.

The FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as Euro, Sterling and Yen, the RBI said.

The country's gold reserves and special drawing rights (SDR), during the week, remained unchanged at $8.485 billion and $3 million, respectively, it said.

India's reserve position in the International Monetary Fund dropped by $23 million to $854 million from $877 million during the previous week, the apex bank said.