India's forex reserves fall $1.27 billion as gold holdings drop
India's foreign exchange reserves declined by $1.269 billion in the week ending October 23. The total stood at $719.748 billion after the fall. The drop was mainly caused by a sharp fall in the value of the country's gold reserves. Foreign currency assets, however, rose by $1.358 billion to reach $593.205 billion. The figures indicate that gold valuation, rather than currency holdings, drove the weekly decline.
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