India's forex reserves slip by $2.7 billion, but still strong overall
India's foreign exchange reserves dropped by $2.7 billion to $687 billion for the week ending November 7, says the RBI.
This is the second week in a row of declines, following a bigger dip last week, mostly because the US dollar got stronger and global currency values shifted.
Even with this slide, India's reserves are still among the world's biggest—so there's plenty of cushion against financial ups and downs.
What changed inside those reserves?
Most of the fall came from foreign currency assets (down $2.45 billion), which are affected by how other major currencies like the euro and yen stack up against the dollar.
Gold reserves also shrank slightly—by $195 million—as prices wobbled due to US interest rate chatter.
Special Drawing Rights (SDRs) dipped a bit too, but India's position with the IMF stayed steady, showing some parts of our reserve stash remain pretty stable.