India's forex reserves drop by $4.47 billion
India's forex reserves just took a $4.47 billion dip, landing at $688.10 billion for the week ending November 21, says the RBI.
This comes right after a big jump the previous week, so it's a bit of a rollercoaster.
Most of this drop came from lower gold reserves and foreign currency assets.
What changed in the reserves?
Gold reserves fell sharply by $2.67 billion and now sit at $104.18 billion, while foreign currency assets slipped by $169 million to $560.60 billion.
Special Drawing Rights (SDRs) also edged down slightly, but India's reserve position with the IMF actually went up a bit.
According to the RBI, these shifts often happen because global currencies like the euro or yen move against the US dollar—so even if we're not spending or earning more, values can still change just based on exchange rates.