India's Forex Reserves Plunge by $9.80 Billion to $686.80 Billion

• India's forex reserves decreased by $9.809 billion, reaching $686.801 billion by January 2.
• This follows a $3.293 billion increase in the previous reporting week.
• Foreign currency assets, a key component, fell by $7.622 billion to $551.99 billion.
• Gold reserves also saw a decline of $2.058 billion, settling at $111.262 billion.
• Special Drawing Rights (SDRs) and India's reserve position with the IMF also dropped.

Why It Matters: India's forex reserves experienced a significant $9.80 billion drop, primarily due to decreases in foreign currency and gold assets.